Bitcoin eyes $85K target as weekly RSI signals potential breakout
Bitcoin's (CRYPTO:BTC) price is setting up for an "explosive move" by the end of 2024, according to a recent analysis by crypto trader Titan of Crypto.
The trader predicts an intermediate target of $85,000 for BTC, backed by the weekly Relative Strength Index (RSI) breakout.
Titan of Crypto’s analysis points to the RSI, a commonly used trading indicator, which has broken a downtrend that has persisted since March's all-time high.
This RSI shift suggests that momentum is building for Bitcoin to rally toward new all-time highs.
In a post on X (formerly Twitter), Titan of Crypto highlighted, “Bitcoin $85,000: Intermediate Target,” predicting that the RSI breakout signals a potential price surge by year-end.
He also noted, “If we close above $59,000 this month, a bullish end of the year is likely.”
Historically, when Bitcoin closes September in the green, it tends to experience a strong Q4, as was the case in 2017 and 2020.
Popular trader Skew also weighed in, stating that $61,000 has become the critical “line in the sand” for Bitcoin.
Skew pointed out that while the technical outlook appears positive, more confirmation of the trend is needed, including higher highs and higher lows on daily timeframes.
Both analysts suggest that Bitcoin could see significant upward movement, but holding key support levels like $61,000 will be essential to confirm the bullish outlook.
As Q4 approaches, traders remain optimistic about Bitcoin’s potential to reach the $85,000 mark if current market conditions hold.
At the time of reporting, the Bitcoin price was $63,725.17.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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