Experts are suggesting that Bitcoin (BTC), which has recently strengthened above $60,000, could be heading toward a new target of $85,000. With positive sentiment in the crypto market, analysts are forecasting a potential increase for Bitcoin, based on the trends they are observing.
According to these analysts, Bitcoinâs strong performance as September comes to a close is setting the stage for a major rally that may happen by yearâs end. One notable analyst, Titan of Crypto, has predicted that BTC could reach $85,000 in the near future. He emphasized that key market indicators are signaling a buy opportunity.
Titan of Crypto also pointed out that Bitcoinâs current chart suggests a moderate 35% price increase, which could further strengthen the bulls. In his analysis, which incorporates relative strength index (RSI) data, he explained that the market conditions are aligning for Bitcoin to potentially reach its all-time high. âIf we close this month above $59,000, thereâs a strong chance the year will end on a positive note. Both 2017 and 2020 saw green in the fourth quarter, and weâre looking at another promising Q4,â he said.
Focusing on the RSI, the analyst highlighted that the weekly RSI has reached 50, signaling the end of a downtrend that began in March. He also remarked on the historical significance of September, noting that when the month closes in green, the final quarter often experiences an upward trend.
Another analyst, Skew, weighed in on the situation, noting that the $61,000 support level could play a crucial role before the next rise. From a technical perspective, Skew suggested that a small correction could be beneficial for a healthier climb in Bitcoinâs price.
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