Bullish Footsteps Are Rising in Bitcoin: A New Record Prediction for BTC Comes from the Analyst Who Knows the Previous Drop!

Bitcoin While it continues to demonstrate a strong performance recently, the expectations of investors and analysts are also increasing.

at this point BTC and seen as an important catalyst for cryptocurrencies halving As it gets closer, expectations for a rise also increase.

Speaking to Coindesk 10x Research founder Markus Thielen said he expects Bitcoin to continue its rise.

Thielen said that data from past halving cycles and the Relative Strength Index (RSI) indicator were effective in this upward expectation.

“1.Rise Signal: Past Halving Cycle Data”

Pointing out that Bitcoin increased by over 30% in the eight weeks leading up to the halving, as it has experienced in other halving cycles, the analyst said that if history repeats itself, BTC He stated that this means that the price could trade close to the previous ATH of $69,000 on or before the halving day.

“When we look at previous halving cycles, Bitcoin increased by an average of 32% in the eight weeks, that is, 60 days, before the halving.

This 32% upside means the BTC price could trade close to the previous record high of $69,000 on or before the halving day.

The closer we get to Bitcoin halving, the more likely it is that Bitcoin will rise, as evidence from the last three halving cycles shows.

At this point, the community mostly thinks that the halving will bring an increase, so this halving will not be different from the others.”

“2. Bullish Signal: RSI Indicator”

Except for halving RSI The indicator also gives a bullish signal for BTC.

At this point, Thielen stated that last week Bitcoin 14-day RSI exceeded 80 for the first time since December. “According to historical data, 12 of the 14 signals received from the RSI so far have been bullish, resulting in an average gain of 54% in the 60 days following the day of this signal.” said.

Thielen underlined that RSI and historical halving cycle data give bullish signals. Pointing to $74,600 for BTC stated:

“For reference, Bitcoin was trading at $48,294 when the last bullish signal was triggered, and if history repeats itself (+54% average return in 60 days) then BTC could rise to $74,600 based on this signal.

However, with all this data, it is important to remember that past performances do not guarantee future results and ignore that macroeconomic factors can create trends on their own.”

Bitcoin continues to trade at $52,384 at the time of writing.

*This is not investment advice.