Bitcoin Relative Strength Jumps To 40%: 10x Research Reveals Next Steps From Here
2024年5月5日 - 9:10AM
NEWSBTC
Crypto research platform 10x Research recently noted that the
Bitcoin Relative Strength has jumped to 40%. In line with this,
they provided insights into what major moves the flagship crypto
might make soon enough. What Next For Bitcoin? In their
newsletter titled “Fake Dip?” 10x Research drew the crypto
community’s attention to the fact that Bitcoin has historically
experienced potential rallies whenever its relative strength index
(RSI) drops to 40%. As such, there is the possibility that BTC
could again rally following its recent decline. Related
Reading: Fantom Revival: Crypto Analyst Predicts A Jump To $1.2 For
FTM Price The research platform warned that a “line in the sand” at
the $62,000 mark could keep the flagship crypto from rallying.
However, Bitcoin has already broken above that level, which could
mean there is still a bullish sentiment around the crypto
token. Meanwhile, the research hinted that BTC would need a
catalyst to enjoy a sustained rally. They highlighted four bullish
events that helped Bitcoin enjoy a parabolic run soon after
breaking a vital support level. These events included Treasury
Secretary Janet Yellen’s bid for uncapped deposit insurance,
BlackRock’s application for a Spot Bitcoin ETF, Franklin Templeton
also filing for a Spot Bitcoin ETF, and when US Core PCE dropped
below 3.0%. This echoes the sentiment of Andrey Stoychev, Head of
Prime Brokerage at Nexo, who previously mentioned that Bitcoin
would need a catalyst to make a significant move to the upside. He
predicts that Bitcoin will only continue to trade around the
$67,000 range without this catalyst. 10x Research didn’t
sound optimistic about BTC enjoying a sustained rally, as their
trend model indicates that the flagship crypto is in a downtrend.
Despite that, they are not ruling out the possibility of BTC
experiencing a bullish reversal. The research firm also revealed
that they would look to buy the dip if Bitcoin drops significantly
or rallies from here. BTC Still Destined To Hit New Highs
Crypto analyst Mikybull Crypto recently suggested that Bitcoin will
still hit new highs. He stated that Bitcoin’s current price action
is meant to create “more fear across the market and then bottom for
upward continuation.” Crypto analyst Ali Martinez also recently
suggested that the bull run was far from over, bearing in mind that
Bitcoin consolidated around this period in the last two bull
runs. Related Reading: Crypto Prediction Website Reveals When
The Cardano Price Will Reach $45 He claimed that BTC might be over
500 days away from hitting its market top for this cycle. As to how
BTC could rise, Martinez mentioned that it could hit a new all-time
high (ATH) of $92,190 if it breaches the resistance level of
$69,150. It is also worth noting that crypto analyst PlanB stated
that Bitcoin hitting $100,000 this year is “inevitable.” At the
time of writing, BTC is trading at around at around $63,500, up
over 7% in the last 24 hours, according to data from CoinMarketCap.
BTC price recovers above $63,000 | Source: BTCUSD on
Tradingview.com Featured image from BBC, chart from Tradingview.com
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