Bitcoin’s price could be heading for a major breakout by the end of 2024, with analysts predicting an intermediate target of $85,000.
According to prominent trader and crypto analyst Titan of Crypto, recent movements in Bitcoin’s relative strength index (RSI) point to a potential surge, with the cryptocurrency gaining bullish momentum after breaking key resistance levels.
Bitcoin’s resilience around the $62,000 mark has set the stage for an exciting end to the year, as traders look to capitalize on a potential rally in the final quarter of 2024.
Key Points:
$85K Intermediate Target: Titan of Crypto’s analysis suggests that Bitcoin’s weekly RSI has broken its long-standing downtrend, setting an $85,000 price target in the medium term.
Weekly RSI Breakout: The RSI, a popular indicator used to assess the strength of price trends, points to an explosive move by the end of the year. Historical data indicates that a green September could lead to a bullish Q4.
$61K as Key Support: Another trader, Skew, identified $61,000 as the "line in the sand" for confirming bullish momentum, with a series of higher highs and lows needed to solidify the trend.
Bullish End of 2024: If Bitcoin continues its uptrend through September and beyond, the Q4 performance could be crucial, with previous bull runs in 2017 and 2020 following similar patterns.
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Bitcoin traders are anticipating a strong finish to 2024, with some analysts pointing to $85,000 as a key target. With RSI signaling momentum and $61,000 as a critical support level, the next few weeks will be essential for determining the bull market's strength. Investors will be closely watching Bitcoin’s performance as the cryptocurrency seeks to deliver substantial gains in the coming months.
Source: Cointelegraph
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