Bitcoin Weekly RSI Raises ‘Medium’ $85K BTC Price Target
With recent BTC price action setting a target of $85,000, Bitcoin (BTC) is in “explosive activity” by the end of 2024.
In a September 21 post on XX, crypto trader, investor and analyst Titan of Crypto predicted a “moderate” 35% gain for BTC/USD.
The trader is counting on a Bitcoin crash “by the end of the year”.
Bitcoin continues to hold towards the weekly close of $62,000, having seen sustained support below $10,000 in September.
Now, optimistic BTC price forecasters see that the good times are only getting better for the bulls. For the titan of crypto, the first stop is $85,000.
Uploading Bitcoin's Relative Strength Index (RSI) chart on weekly timeframes suggests that momentum is gathering to take the market to new all-time highs and beyond.
“Bitcoin $85,000: Medium Target,” he summarized.
“Weekly RSI breakout signals year-end explosive move for BTC.”
BTC/USDT 1-week chart with RSI data. Source: Titan of Crypto/X
RSI is a classic trading indicator that is used to identify local tops and bottoms and also provides insight into the strength of a bullish or bearish trend at a particular price point.
The weekly RSI is currently sitting above the key 50/100 mark, breaking the downtrend from March's recent all-time high.
The titan of crypto adds that growth should continue in Q4 if the greenback ends in September.
“Historically, when September closes green, Q4 has been pretty good,” said part of another X post.
“If we close above $59,000 this month, it could be a bullish end to the year. However, despite being close to red, both 2017 and 2020 have seen green Q4s. A promising Q4 ahead.”
BTC/USD Monthly Returns. Source: Titan of Crypto/X
$61,000 has emerged as the “line in the sand” for the price of BTC.
Elsewhere, popular trader Skew said further confirmation of BTC price strength is needed next week.
Related: Is Bitcoin Set For 400% Gains Over Gold? A veteran analyst weighs in.
“From a technical point of view, this looks great.
Consecutive highs and high lows are needed on daily time frames, Skew added, tagging $61,000 as a key level to hold.
“Also, at a low price of $61K, it provides a clear line in the sand for the market,” he concluded.
BTC/USDT 1-day chart. Source: Skew/X
This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.
