Bitcoin (BTC) has yet to experience the majority of its gains during this cycle, according to popular trader Credible Crypto. Despite a month of trading in a tight range, Credible Crypto remains bullish on the price of BTC.
While many traders expect the price of BTC to test levels closer to $25,000 or even lower, Credible Crypto argues the opposite. By analyzing data such as Bitcoin market cap dominance and its relative strength index (RSI), he believes that conditions have been reset for a potential upward move.
Credible Crypto points out that the recent sideways movement in BTC and dominance has only created a higher low, confirming a bullish divergence on the 12-hour chart. In addition, the RSI on higher time frames appears to be reset, maintaining above the key 40 RSI level.
The relative strength index (RSI) measures the price strength of an asset at a specific price point and is currently consolidating on daily timeframes, following Bitcoin’s spike to one-year highs in July that failed to sustain.
Credible Crypto is known for his optimism regarding Bitcoin’s future performance. In June, he predicted that BTC/USD would challenge its all-time highs of $69,000 within four months. While not specifying October as the month for this achievement, he believes it is a likely timeframe.
Another trader, CryptoCon, also shares a bullish outlook on BTC price performance. He points to RSI over longer timeframes, noting that Bitcoin bears and recession calls are relentless just below yearly highs. Despite this, he remains optimistic and sees the price going sideways as a positive sign. He predicts an upcoming “parabolic advance,” indicating a potential breakout phase in the market.
Accompanying charts show RSI peaks and troughs over the years, with current conditions resembling a pre-breakout stage.
It is important to note that this article does not provide investment advice or recommendations. All investment and trading decisions carry risks, and readers should conduct thorough research before making any decisions.
In summary, Credible Crypto and CryptoCon remain optimistic about the future performance of Bitcoin. They believe that the recent sideways movement has created a strong foundation for potential upward moves, with Bitcoin yet to see its biggest gains in the current cycle. However, it is crucial for readers to conduct their own research and exercise caution when making investment decisions.