Bitcoin May Brace for a Price Surge, Predicts Trader Roman
Summary:
Renowned trader Roman predicts a potential price surge for Bitcoin (BTC), citing indications from the Relative Strength Index and Bollinger Bands on the weekly chart. Despite Bitcoin's underwhelming performance in June, Roman and another trader, Daan Crypto Trades, foresee a bullish market ahead with potential record-highs. Both traders stress the volatility of Bitcoin and advise thorough research before any trading or investment decision.
Two renowned indicators hint at a potential price surge for Bitcoin (BTC). According to a recent analysis by well-known trader Roman on platform X (previously Twitter), a bullish escalation is brewing for BTC/USD.
Despite a disappointing performance in June, Bitcoin still holds robust prospects for high timeframes, with a promising landscape in sight. A section of the market suggests that BTC's price mechanics are merely taking a breather beneath all-time highs, a typical behaviour in a bullish market that could go on for a considerable span. Roman, however, envisions a swift resurgence to Bitcoin's early annual high.
Roman highlighted the Relative Strength Index (RSI) and Bollinger Bands on the weekly chart, predicting a potential upward leap for BTC. According to his analysis released on June 21, “The market is currently observing the third bullish discrepancy between the price and RSI concurrently with numerous capitulations and lower price predictions. The squeeze in Bollinger Bands is creating volatility leading to an inevitable surge."
Adding to this, he projected the possible target of this upside manoeuvre could easily venture into fresh all-time high terrain. He urged X followers on June 22 to stay alert, indicating that "we are forming more bullish continuation indications on higher timeframes. Once we accumulate enough volatility, there's a clear trajectory to 90K+."
However, several Bitcoin price forecasts face a strenuous run to make timely achievements. The ambitious $80,000 in June has barely a week remaining, while a prediction from May envisages $95,000 in a rapid, breakout run.
Another established trader, Daan Crypto Trades, reiterated on platform X, "I continue to support my belief in Bitcoin's upward breakout and stand by this anticipation. Although I can't be sure when it will initiate, I don't think we have the whole summer. The $59K-74K range is what I'm referring to."
According to him, the favorable macroeconomic conditions—record highs in U.S. equities and declining bond yields—are conducive to Bitcoin's superior performance. He furthered that while it can take time for the crypto market to adapt, when it does, the impact is usually dramatic.
As per data from Cointelegraph Markets Pro and TradingView, at the time of writing, BTC/USD was trading around $64,300.
Readers should conduct thorough research before making any investment or trading decisions as they carry inherent risks. This article does not provide investment advice or recommendations.
Published At
6/23/2024 4:06:32 PM
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