• Bitcoin (BTC) is still preparing for a “parabolic advance” with a popular metric laying the foundations, according to Credible Crypto.
• Bitcoin has been acting within a tight trading range for over a month, leading traders to expect BTC price to test levels closer to $25,000 or lower.
• Credible Crypto believes that “biggest upside moves on BTC are yet to come” and that the relative strength index (RSI) has been reset.
Bitcoin Price Upside ‚Yet To Come‘ After RSI Reset
Bitcoin (BTC) is still preparing for a “parabolic advance,” with a popular metric laying the foundations, says Credible Crypto. After over a month of acting within a tight trading range, traders’ patience with Bitcoin is wearing thin. Amid expectations that BTC price will test levels closer to $25,000 or even lower, Credible Crypto believes that “biggest upside moves on BTC are yet to come“ and that the relative strength index (RSI) has been reset.
Analyzing Metrics
Credible Crypto analyzed data including Bitcoin market cap dominance and its relative strength index (RSI), concluding that conditions had been reset. He stated: „Biggest upside moves on BTC are YET TO COME… H12 bullish div confirmed, RSI on higher TF looks reset, maintaining above the ‘magic’ 40 RSI level“. The RSI measures the price strength of an asset at a specific price point and is currently consolidating on daily timeframes after Bitcoin’s July spike failed to sustain.
Previous Predictions
Credible Crypto is known for his optimism when it comes to how Bitcoin will evolve in coming year and beyond. In June 2021 he predicted that BTC/USD would need only four months to challenge its current all-time highs of $69000 seen in November 2021. A more recent video update in late July made another reference to Bitcoin’s upcoming „parabolic advance“ which may eclipse those highs.
Fellow Trader CryptoCon Agrees
Fellow trader CryptoCon also flagged RSI over longer timeframes in order to deliver a similarly bullish take on BTC price performance. He commented: „Bitcoin bears and recession callers are relentless just below 29K but I think they underestimate what’s happening here; this is early bull market price action period.“
Conclusion
It remains unclear as to how high Bitcoin prices will go this cycle; however there appears unanimous agreement among expert traders such as Credible Crypto and CryptoCon that there may be further upwards potential left before hitting all-time highs again later this year.