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10x Research crypto research platform recently noted that the Relative strength of Bitcoin rose to 40%. With this in mind, they provided insight into major moves the flagship crypto could make soon enough.
What future for Bitcoin?
In their newsletter titled “Fake Dip?” » 10x Research has brought to the attention of the crypto community that Bitcoin has historically seen potential rebounds whenever its Relative Strength Index (RSI) drops to 40%. It is therefore possible that BTC will rebound again after its recent decline.
The research platform warned that a “line in the sand” at the $62,000 mark could prevent the flagship crypto from recovering. However, Bitcoin has already surpassed this level, which could mean that there is still bullish sentiment around the crypto token.
Meanwhile, research suggested that BTC would need a catalyst to enjoy a sustained rally. They highlighted four bullish events that helped Bitcoin enjoy a parabolic run shortly after breaking through a vital support level. These events included Treasury Secretary Janet Yellen's offer for uncapped deposit insurance, The BlackRock app for a Spot Bitcoin ETF, Franklin Templeton also filed a Spot Bitcoin ETF, and when US Core PCE fell below 3.0%.
This echoes the sentiment of Andrey Stoychev, Head of Prime Brokerage at Nexo, who previously mentioned that Bitcoin would need a catalyst to make a significant move higher. He predicts that Bitcoin will only continue to trade around $67,000 without this catalyst.
10x Research does not appear optimistic about BTC's sustained recovery as its trend model indicates that the flagship crypto is in a downtrend. Despite this, they do not rule out the possibility that BTC experiences a bullish reversal. The research firm also revealed that it would look to buy the dip if Bitcoin falls significantly or recovers from here.
BTC is still destined to reach new highs
Crypto Analyst Mikybull Crypto recently suggested that Bitcoin will reach new highs again. He declared that Bitcoin's current price action is meant to create “more fear in the market, then a floor for continued upside.” Ali Martinez, crypto analyst also recently suggested that the bull run was far from over, considering that Bitcoin consolidated around this time during the last two bull runs.
He claimed that BTC could be over 500 days away from reaching its market top for this cycle. As for how BTC could rise, Martinez mentioned that it could reach a new absolute record (ATH) of $92,190 if it crosses the resistance level of $69,150. It is also worth noting that crypto analyst PlanB declared that Bitcoin reaching $100,000 this year is “inevitable.”
At the time of writing, BTC is trading at around $63,500, up more than 7% in the last 24 hours, according to data from CoinMarketCap.
BTC price recovers above $63,000 | Source: BTCUSD on Tradingview.com
Featured image from BBC, chart from Tradingview.com
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