As an experienced analyst, I have closely monitored the crypto market for several years now, and I believe that 10x Research’s latest insights into Bitcoin’s potential moves are worth considering. The recent surge in Bitcoin’s relative strength index (RSI) to 40% is a significant development, as historically, Bitcoin has experienced rallies when its RSI drops to this level.
As a crypto investor, I’ve been keeping an eye on the latest developments from reputable research platforms like 10x Research. Recently, they highlighted that Bitcoin‘s Relative Strength Index (RSI) has surged to an impressive 40%. Based on their analysis, this could be a significant sign for potential price movements in Bitcoin. So, I’m eagerly waiting for more insights from 10x Research about what major shifts we might expect from the flagship crypto soon.
What Next For Bitcoin?
In a recent newsletter named “Is Bitcoin’s Decline a False Alarm?”, 10x Research pointed out that Bitcoin has historically bounced back when its relative strength index (RSI) dipped to 40%. This observation suggests the cryptocurrency could potentially recover after its latest slump.
A caution was issued by the research platform that reaching the $62,000 threshold might halt Bitcoin’s advance. Yet, Bitcoin surpassed this price point, implying that positive feelings towards the cryptocurrency may persist.
As a crypto investor, I’ve noticed that the research indicated that Bitcoin required a significant push to maintain a prolonged upward trend. They pointed out four bullish occurrences that fueled Bitcoin’s parabolic surge following a critical support level break. These events were:
As an analyst, I’m in alignment with Andrey Stoychev’s perspective as the Head of Prime Brokerage at Nexo. According to him, Bitcoin requires a triggering event or catalyst to experience a substantial price surge above its current level. Absent this catalyst, Bitcoin is expected to remain stagnant and trade around the $67,000 mark.
10x Research expressed caution about Bitcoin’s potential for a prolonged rally based on their trend analysis, which indicates a downtrend for the flagship crypto. However, they haven’t completely ruled out the possibility of a bullish reversal. The research firm also shared that they would consider purchasing Bitcoin if it experiences a significant drop or rebounds from its current level.
BTC Still Destined To Hit New Highs
As a researcher studying the cryptocurrency market, I’ve come across some intriguing perspectives from fellow analysts. Mikybull Crypto posits that Bitcoin’s current price fluctuations are intended to instill greater fear among investors, ultimately paving the way for another surge in value. This pattern is reminiscent of past bull runs, where similar periods of uncertainty preceded significant upward movements.
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.”
I’m currently observing Bitcoin’s price at approximately $63,500, marking a significant surge of over 7% within the past 24 hours based on information from CoinMarketCap.
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2024-05-05 03:22