A Crypto Strategist Predicts a $10,000 Single Day Rally for Bitcoin (BTC)
A well-known analyst believes that Bitcoin (BTC) is poised for an exponential move to the upside. According to the pseudonymous analyst Credible Crypto, BTC is just getting started after reaching a new high of $34,606. The trader points to Bitcoin’s relative strength index (RSI) on the weekly chart, which suggests that momentum is in favor of the cryptocurrency.
Credible Crypto predicts that the coming weeks will witness even more significant moves for Bitcoin. He highlights that the biggest rallies tend to occur when the RSI enters overbought territory on higher timeframes, starting with the weekly chart.
With momentum building, Credible Crypto believes that Bitcoin is now in a position to experience massive rallies in a single day. He also anticipates that October will see the first of many monthly candles exceeding $10,000. The analyst argues that there are no major obstacles preventing Bitcoin from surging towards $40,000 since it has already surpassed the psychological support level of $30,000.
At the time of writing, Bitcoin is trading at $33,990.
Hot Take: Analyst Bullish on Bitcoin’s Future
According to crypto strategist Credible Crypto, Bitcoin’s recent rally is just the beginning. With BTC’s RSI in bull territory and no major resistance ahead, Credible Crypto predicts significant upward momentum for Bitcoin. He suggests that the coming weeks will see even more impressive moves, potentially leading to a $10,000 single-day rally. The analyst’s optimistic outlook is based on the observation that major price surges tend to occur when the RSI enters overbought territory on higher timeframes. With Bitcoin trading comfortably above $30,000, Credible Crypto believes that the path to $40,000 will be swift and aggressive.
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