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Trader indicates that Bitcoin’s price potential remains at $29K following a reset in the RSI.
According to a well-known trader, Bitcoin (BTC) has yet to experience the bulk of its gains during this cycle.
In a post on X (formerly Twitter) dated August 3, Credible Crypto reaffirmed his optimistic outlook on BTC’s price.
Credible Crypto: Bitcoin yet to experience “largest upward movements”
After more than a month of trading within a narrow range, traders are becoming increasingly impatient with Bitcoin.
While there are expectations that the BTC price may approach levels near $25,000 or potentially lower, Credible Crypto presents a contrasting viewpoint.
By examining various data points, including Bitcoin’s market cap dominance and its relative strength index (RSI), he determined that the market conditions had been reset.
“The largest upward movements for BTC are STILL TO COME,” he stated.
“A month of sideways movement in BTC and dominance has simply established a higher low. H12 bullish divergence confirmed, RSI on higher timeframes appears reset, remaining above the ‘magic’ 40 RSI level, who’s prepared for the next upward leg?”
BTC/USD annotated chart with RSI. Source: Credible Crypto/Twitter
The RSI assesses the price strength of an asset at a given price level and is currently consolidating on daily timeframes after Bitcoin’s July surge to one-year highs could not be maintained.
Credible Crypto is recognized for his positive outlook regarding Bitcoin’s trajectory in the upcoming year and beyond.
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As reported by Cointelegraph in June, he anticipated that BTC/USD would require only four months to challenge its previous all-time high of $69,000 reached in November 2021.
“I am not asserting that we MUST achieve new all-time highs by October, but I DO believe we will reach new ATH by the end of this year, and if pressed to choose a month for this occurrence, it would be October. Let’s observe how events unfold,” he mentioned at that time.
A more recent video update from late July referenced Bitcoin’s forthcoming “parabolic advance” aimed at surpassing those highs.
“Initial bull market price behavior, phase”
Additionally, fellow trader CryptoCon highlighted the RSI over extended timeframes to provide a similarly optimistic perspective on BTC’s price performance.
Related: BTC price risks new sub-$29K dip as Binance fears test Bitcoin bulls
“Bitcoin bears and recession predictors are unyielding just below yearly highs… remarkable!” a portion of an X post remarked on August 3, noting that these bears exhibited “no patience.”
“I foresee price remaining stable, and I’ve never felt more optimistic! Just wait until we transition into phase 2 on the 3 Week RSI… Initial bull market price behavior, phase.”
An accompanying chart illustrated RSI peaks and troughs over the years, with current conditions resembling a pre-breakout phase.
Bitcoin RSI phases chart. Source: CryptoCon/Twitter
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This article does not offer investment advice or recommendations. Every investment and trading decision carries risk, and readers should perform their own research before making any choices.
