- May 4, 2024
- Posted by: legaleseblogger
- Category: Related News
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Analysis of Bitcoin’s Movement by 10x Research
Crypto research platform 10x Research recently pointed out that the Bitcoin Relative Strength has surged to 40%, indicating a potential positive move for the leading cryptocurrency. This insight has sparked discussions within the crypto community regarding the possible future trajectory of Bitcoin.
Recent Insights on Bitcoin’s Future
In its latest newsletter titled “Fake Dip?,” 10x Research highlighted the historical correlation between Bitcoin’s Relative Strength Index (RSI) dropping to 40% and potential bullish rallies that follow. This pattern suggests that Bitcoin could be gearing up for another upswing soon.
The research platform also identified a critical resistance level at $62,000 that could impede Bitcoin’s rally. However, Bitcoin has already broken above this threshold, indicating a positive sentiment surrounding the cryptocurrency.
Moreover, 10x Research highlighted the necessity of a catalyst to sustain Bitcoin’s rally. They pinpointed four bullish events, including Treasury Secretary Janet Yellen’s proposal for uncapped deposit insurance, BlackRock and Franklin Templeton’s applications for a Spot Bitcoin ETF, and the US Core PCE dropping below 3.0%, as potential triggers for a significant Bitcoin upsurge.
In line with this analysis, Andrey Stoychev, Head of Prime Brokerage at Nexo, emphasized the importance of a catalyst for Bitcoin to make substantial upward movements. He cautioned that Bitcoin might remain stagnant around the $67,000 mark without a significant driving force.
Despite acknowledging a potential downtrend in Bitcoin’s current trend model, 10x Research remains open to the possibility of a bullish reversal. They indicated their readiness to leverage buying opportunities in case of a significant Bitcoin price dip or an unexpected rally.
Predictions for Bitcoin’s Future
Noteworthy crypto analysts like Mikybull Crypto and Ali Martinez have voiced optimism regarding Bitcoin’s future performance. Mikybull Crypto believes that Bitcoin is poised to reach new all-time highs and that the current market volatility is a strategic move to pave the way for an upward price momentum.
Ali Martinez shares a similar sentiment, pointing out that historical patterns indicate prolonged consolidation periods before major bull runs. Martinez predicts that Bitcoin could achieve a new ATH of $92,190 if it successfully surpasses the resistance level at $69,150.
Furthermore, renowned crypto analyst PlanB confidently states that Bitcoin hitting the $100,000 mark this year is inevitable, underlining the strong growth potential of the cryptocurrency.
As of the latest data from CoinMarketCap, Bitcoin is trading at around $63,500, showcasing a notable 7% gain in the past 24 hours.
BTC price recovers above $63,000 | Source: BTCUSD on Tradingview.com
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