Bitcoin on the Verge of a Breakout: A Rise to $68,000 Possible?
Consolidation above $64,000: Good Signal
Traders are confident that Bitcoin's price consolidation above $64,000 could herald growth to $68,000. A blogger under the pseudonym Mister Crypto shows charts in which the ascending trend line that began in March passes through $64,000. A breakout and consolidation above this mark could signal a continuation of the bullish trend that began in early August.
Analysis of indicators
Cryptocurrency expert Eljah confirms this view. He notes that not only has Bitcoin broken the downtrend line, but similar changes are also observed in the RSI and MACD indicators. The RSI on the daily chart is 59.2, which is almost 10 points above the neutral zone. However, the overbought zone begins above 70.
Strong Forecast and Strong Warning:
Elja suggests that the bullish rally is not in danger and that Bitcoin could reach $68,000 or even $70,000. However, he cautions that the RSI has not reached 70 in the past and there is no guarantee that it will reach the overbought zone. Therefore, there is a chance that Bitcoin will not break through $68,000 and reach $70,000.
