Bitcoin Poised to Surge to $90,000 This Fall, Analyst Predicts
A well-known crypto trader believes Bitcoin (BTC) is poised for a significant breakout this month, potentially reaching new all-time highs.
The analyst, known as TechDev, observes that Bitcoin’s relative strength index (RSI) has formed a bottoming pattern, suggesting the possibility of a bullish reversal.
The RSI is a momentum indicator that helps determine if an asset is oversold or overbought, with values between 70 and 100 indicating overbought conditions and those between 0 and 30 suggesting oversold levels.
TechDev notes that the current timeframe mirrors the weeks leading up to previous significant price surges, particularly the all-time high breakout from 2014 to 2017.
The analyst highlights an emerging RSI breakout that could signal a larger market shift, reminiscent of past trends.
He projects that Bitcoin could reach around $90,000 by November or December, pointing to a final consolidation against the upper trend line before a potential mid-October breakout. TechDev plans to watch for any deviations from this expected path as he continues to analyze the market.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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