Bitcoin’s current price cycle has not yet reached its peak, according to a popular crypto expert. Credible Crypto reiterated his positive forecasts, suggesting that Bitcoin still has room to grow. While the crypto market leader has mostly traded within a narrow range over the past month, traders are growing impatient, fueled by analysts predicting further declines towards $25,000 or even lower. However, Credible Crypto firmly opposes these predictions.
The expert’s positive outlook stems from his analysis of Bitcoin’s market dominance and the Relative Strength Index (RSI), which lead him to believe that the leading cryptocurrency is merely setting the stage for new highs. He states, “BTC’s biggest gains are still ahead of us in this cycle.” Credible Crypto points out that there has been a month of sideways movement in the Bitcoin price, while market dominance has established a higher low. Additionally, there is a bullish divergence in the H12 timeframe, and the RSI has reset on a long-term basis while remaining above the key 40-point mark. The analyst asks, “Who is ready for the next big uptrend?”
The RSI is an indicator of the relative strength of a financial product at a given point in time. Currently, Bitcoin’s RSI is mostly moving sideways in the daily chart after reaching a one-year high in July.
Credible Crypto is known for his optimism regarding Bitcoin’s future price development in the next year and beyond. In June, he predicted that the Bitcoin price could climb back to its all-time high of $69,000 within four months, which was set in November 2021. He emphasized that he does not claim it is mandatory to reach a new all-time high by October, but rather that it is likely to happen by the end of the year, with October being his personal estimation. He concluded by saying, “Let’s wait and see.”
CryptoCon, a colleague of Credible Crypto, also points to the RSI in the long-term price chart to draw a similar optimistic conclusion. Despite being near the current yearly high, he finds it “crazy” that bears and pessimists are so persistent. He states that the price is at most in a sideways movement, and he has never been more confident. He believes Bitcoin is still in the early stages of the bull market and that more gains are yet to come.
In the accompanying price chart, he illustrates the highs and lows of the RSI over the past years, suggesting that Bitcoin is once again poised for a major uptrend.
In conclusion, despite the recent period of sideways trading, several experts maintain a positive outlook for Bitcoin’s future price trajectory. They base their optimism on factors such as Bitcoin’s market dominance and the RSI, indicating that the cryptocurrency has not yet reached its peak in the current price cycle.
Mislykket.
