BTC price upside ‘yet to come’ at $29K after Bitcoin RSI reset — Trader
BTC price upside 'yet to come' at $29K after Bitcoin RSI reset — Trader
The Untapped Potential of Bitcoin’s Upside Moves
Bitcoin (BTC) has been making headlines for the past several years as its price skyrocketed and the world woke up to the potential of blockchain technology. However, according to one popular trader, Bitcoin has not yet seen the majority of its gains in this current cycle.
Analyzing BTC Market Conditions
Credible Crypto, a well-known trader, doubled down on his bullish Bitcoin price thesis. He believes that the biggest upside moves for Bitcoin are yet to come. Despite a month of sideways action and expectations of BTC testing lower levels, Credible Crypto argues that conditions have actually been reset for a significant price increase.
To support this argument, Credible Crypto analyzed various data points, including Bitcoin’s market cap dominance and its relative strength index (RSI). He concluded that the recent consolidation and higher low in BTC price created a bullish divergence and reset the RSI on higher timeframes. In simpler terms, this means that Bitcoin is poised for another leg up and is ready to break out of its previous trading range.
BTC/USD annotated chart with RSI. Source: Credible Crypto/Twitter
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Understanding Relative Strength Index (RSI)
The RSI is a popular technical indicator that measures the price strength of an asset at a specific price point. It helps traders identify overbought and oversold conditions in the market. Currently, the RSI for Bitcoin is consolidating on daily timeframes after the July spike to one-year highs failed to sustain.
Credible Crypto’s optimistic stance on Bitcoin is not new. In June, he predicted that BTC/USD would challenge its current all-time highs of $69,000 seen in November 2021 within four months. While he did not specify a timeframe, he suggested that October could be a potential month for this breakout to occur.
The Early Bull Market Price Action
Another trader, CryptoCon, also shares a bullish view on Bitcoin’s price performance. He highlighted the RSI over longer timeframes, suggesting that current conditions resemble the early stages of a bull market. According to CryptoCon, Bitcoin bears and recession callers have been relentless just below yearly highs, but despite the sideways price movement, he remains extremely bullish.
Bitcoin RSI phases chart. Source: CryptoCon/Twitter
The chart provided by CryptoCon shows different phases of the RSI over the years, with the current conditions aligning with the pre-breakout stage seen in previous bull markets. This further strengthens the argument that Bitcoin is on the cusp of making significant upside moves.
Unlocking Bitcoin’s Potential
So, what does all this mean for the blockchain industry? The bullish outlook on Bitcoin’s price performance reflects the untapped potential of blockchain technology as a whole. Bitcoin serves as the flagship cryptocurrency, and its success has paved the way for the development and adoption of other digital assets and blockchain applications.
The blockchain industry offers various use cases beyond cryptocurrencies. Blockchain technology has the potential to revolutionize industries such as finance, supply chain management, healthcare, and more. Its decentralized nature, immutability, and transparency provide a secure and efficient solution to many existing problems.
Imagine a world where financial transactions are instant, transparent, and accessible to anyone with an internet connection, eliminating the need for intermediaries like banks. Picture a supply chain system where every step of a product’s journey is recorded on an immutable ledger, ensuring authenticity and reducing fraud. These are just a few examples of how blockchain technology can transform traditional systems and processes.
While the recent price movements of Bitcoin are captivating the attention of traders and investors, it’s vital to recognize the underlying blockchain technology that powers it. The bullish sentiments expressed by traders like Credible Crypto and CryptoCon not only highlight the potential upside moves of Bitcoin but also reflect the broader potential of blockchain technology.
As blockchain continues to mature and gain mainstream adoption, we can expect to see further innovations and disruptions across industries. The journey towards unlocking the full potential of blockchain technology is just beginning, and the future looks promising. Let’s keep a close eye on Bitcoin’s price movements as they may serve as a bellwether for the wider blockchain industry.