The cryptocurrency market has started the week on a positive note, with Bitcoin leading the way. Bitcoin has surpassed the crucial psychological threshold of $28,000, and some experts believe that its upward momentum could continue.
Crypto trading analyst, Cryptoinsightuk, has conducted an analysis of Bitcoin’s weekly relative strength index (RSI) indicator. The analyst noted the last five occasions when the RSI crossed above the 50 mark and then fell below it. Based on this analysis, the average move after such a crossover was 1,100%. This suggests that Bitcoin could potentially experience a significant surge in price, especially considering factors like a supply squeeze and the introduction of a Bitcoin exchange-traded fund (ETF).
While there are arguments against such a conclusion, Cryptoinsightuk suggests that even without considering the anomalous 2015 to 2018 push, Bitcoin could still achieve a powerful move towards surpassing $100,000. According to the analyst, without the anomalous values, the average move would be 278%, taking Bitcoin to $105,000.
Currently, Bitcoin is trading at around $28,262, representing a 4.07% increase in the day, an 8.38% gain over the past week, and a 9.55% growth in the last month. If Bitcoin were to experience a 1,100% upward move, it would reach well above $310,000. This would not only be a new all-time high but would also surpass the expectations of many finance experts and investors.
It’s important to note that cryptocurrency investing carries risks, and the content of this article should not be considered investment advice. When investing, it’s crucial to remember that your capital is at risk.
