The cryptocurrency world has been witnessing the impressive rise in the price of Bitcoin (BTC) recently. Analysts examining this rise share the reasons behind the increase in the market value of the leading cryptocurrency and their predictions for the future. In this regard, Credible Crypto, a well-known cryptocurrency analyst, said that the price of Bitcoin (BTC) is “starting to heat up” after reaching a 2023 high ($35,150). states. So, why is Credible Crypto so optimistic?
One of the main reasons for Credible Crypto’s optimism is based on its examination of Bitcoin’s (BTC) relative strength index (RSI). On the weekly chart, the RSI is in the bullish zone, which indicates that the momentum in Bitcoin’s price is gradually increasing.
“Think the last few days have been crazy? This is nothing compared to what we will see in the coming weeks. “The biggest moves occur as the RSI enters overbought territory on the higher time frames, starting with the weekly.”
This prediction supports the analyst’s belief that Bitcoin could now experience major price increases in a short time. In particular, according to the analyst, Bitcoin is now in a position to make huge increases such as $ 10,000 in one day.
“I think we will finally get our first (and many) $10,000 monthly candles here in October.”
Additionally, the analyst also highlights that Bitcoin is currently trading well above the psychological support level of $30,000. This means there is no major resistance that could stop Bitcoin from reaching the next big milestone like $40,000.
“No, there is no resistance as important as the resistance we just broke. The path up from here will be faster, more aggressive, and less forgiving to those left on the sidelines than anything we’ve seen so far since the $15,000 bottom.
Don’t overcomplicate this. It’s basically open air for up to $40,000. Maybe then we can take a break, but I don’t think even that will last very long.”
At press time, Bitcoin is trading at $33,908.
You can follow the current price movement here.