Bitcoin is setting the stage for a potential breakout in its price, according to two key indicators.
A recent analysis of BTC/USD by trader Roman suggests that there may be a bullish continuation in store for the cryptocurrency. Despite a lackluster performance in June, Bitcoin remains a strong option when considering longer timeframes.
Some experts argue that the current price action of BTC is simply consolidating below all-time highs, a behavior commonly seen in bull markets that can last for several months. However, Roman believes that a return to better times may be on the horizon.
By closely monitoring the relative strength index (RSI) and Bollinger Bands on the weekly chart, Roman predicts that BTC’s price action could see a significant upward movement. The RSI is showing lower lows while the price is making higher lows, and the narrowing Bollinger Bands could result in increased volatility.
Roman’s subsequent post suggests that the target for this potential upward movement could be well into new all-time high territory, urging subscribers to pay attention to the weekly close.
However, other BTC price predictions face challenges in becoming reality on time. Despite some forecasts of $80,000 and $95,000 targets, traders like Daan Crypto Trades remain optimistic about a breakout towards the upside for Bitcoin. They point to macroeconomic conditions, such as record highs in United States equities and dropping bond yields, as factors that could contribute to a strong performance in BTC’s price.
At the time of writing, BTC/USD was trading at approximately $64,300. It’s important to note that this article does not provide investment advice, and readers should conduct their own research before making any investment or trading decisions.