Bitcoin: Weekly RSI Points to $85,000 Interim Target
Date: 2024-09-23 Author: Gabriel Deangelo Categories: CRYPTO PAYMENTS
Bitcoin is set for an “explosive rally” before the end of 2024, and recent BTC price movements point to a target of $85,000.
On September 21, Titan of Crypto analyst predicted an “interim” 35% gain in BTC/USD in a post on X.
Trader expects Bitcoin to breakout “by the end of the year”
Bitcoin continues to hold at $62,000 at the weekly close, after a steady rise from September support that was $10,000 lower.
Now, bullish forecasts suggest that the good times are set to continue for the bulls. Titan of Crypto’s first target is $85,000.
The analyst provided a chart of the Relative Strength Index (RSI) for Bitcoin on a weekly time frame, suggesting that momentum is building to take the market to new all-time highs.
RSI is a classic trading indicator used to identify local peaks and troughs, as well as to analyze the strength of an uptrend or downtrend at a certain price point.
The weekly RSI is currently above the key 50/100 mark, having broken the downtrend that has persisted since the March high.
Titan of Crypto added that if September ends in positive territory, the uptrend should continue throughout the fourth quarter.
$61,000 becomes a “threshold” for BTC price
Another popular trader, Skew, said that more data is needed to confirm the strength of BTC price next week.
“Technically, it looks pretty good,” he told X subscribers.
Skew added that a series of higher highs and lows on the daily timeframe is needed to confirm the trend, and identified $61,000 as a key level to hold.
“Moreover, the $61K level marks a clear threshold for the market,” he concluded.
