A closely followed analyst believes that an exponential move to the upside is in the cards for Bitcoin (BTC).
Pseudonymous analyst Credible Crypto tells his 348,000 followers on the social media platform X that Bitcoin is just “getting warmed up” after rallying to a new 2023 high of $34,606.
According to the trader, BTC’s relative strength index (RSI) is in bull territory on the weekly chart, indicating that momentum is on the up and up for Bitcoin.
“You think these last couple of days have been crazy? It’s nothing compared to what we will see in the coming weeks. The biggest moves occur as RSI pushes into overbought territory on higher timeframes, starting with the weekly.”
With momentum on the rise for Bitcoin, Credible Crypto thinks that BTC is now in a position to print massive rallies in one day.
“Think we will finally get our first (of many) $10,000+ monthly candles here in October.”
According to the analyst, there is no major resistance left that could stop Bitcoin from rallying toward $40,000 now that it is trading well above the psychological support of $30,000.
“Nah there is no resistance above us that was as significant as the one that we just broke through. The path up from here will be faster, more aggressive, and less forgiving to those who are on the sidelines than anything we have seen since the $15,000 bottom thus far.
Don’t overcomplicate it. It’s basically open-air till $40,000. Maybe then we get a pause but even that won’t last very long, in my opinion.”
At time of writing, Bitcoin is trading for $33,990.
Generated Image: DALLE-3
Credit: Source link
