Crypto experts predict that the price of Bitcoin (BTC) could explode in the second phase of 2024.
Crypto trader Titan shared his prediction in a recent post on social media platform X. The trader pointed to Bitcoin’s RSI on the higher weekly timeframes and interpreted the breakout as a sign of an explosive move by the end of the year for BTC.
“The weekly RSI breakout signals an explosive move into year-end for BTC,” he says, posting a chart to back up his prediction and show where the RSI is headed.
Meanwhile, the RSI, a popular trading indicator for identifying potential market highs and lows, has crossed the important 50/100 mark on the weekly chart.
The breakout ends a downtrend that has existed since the last all-time high in March and could lead to a reversal of sentiment in the market.
Titan of Crypto also added, “Historically, Q4 has been bullish when September closes in positive territory,” he noted. The analyst suggested that Bitcoin is preparing a bullish year-end, provided it manages to close above $59,000 this month.
While optimism is high, other market observers were cautious. Trader Skew added that the leading cryptocurrency needs to maintain a series of higher highs and higher lows on the daily timeframes. Skew highlighted $61,000 as the “line in the sand” for the market, noting that staying above this level will be important to ensure that the bullish momentum can continue.
