Bitcoin’s recent price rise has revived the debate over whether it can achieve “escape velocity” to fuel its next bull run.
The Wolf of All Streets, a prominent crypto analyst, recently tweeted an analysis on this subject. The Wolf of All Street believes BTC’s RSI is signaling a new bull run.
If the indicator stays high, Bitcoin’s price surge may be sustainable and continue. He also stressed that investors should look beyond market volatility to long-term trends to predict future events.
Intraday RSI Readings Under 90 Imply Cryptocurrency Buying Chances
Intraday Relative Strength Index (RSI) readings under 90 indicate buying opportunities in cryptocurrencies.
According to one market analyst, this intraday RSI reading is below that mark and has not been higher. Since November 2021, prices have hit an all-time high (ATH) above $68,000.
The analyst believes that similar conditions could be present now, which indicates a potential buying opportunity for Bitcoin investors.
Bitcoin prices retreated before rising over their historical highs in November 2021, when the intraday RSI exceeded 90.
According to the analyst, BTC prices may break through their current barrier levels, rewarding those that buy in now.
When it comes to Bitcoin price predictions, few have made such accurate statements as this one. Market analyst “Willy Woo” recently tweeted, “Daily RSI is chilling at just under 90.
We have hit 90 a few times, often followed by a correction before a push-up and bear div. The last time it was noticeably higher (94) was the 20K top in 2017.
This statement speaks volumes about where we may be headed with Bitcoin prices in the short-term future.
Bitcoin’s Daily Relative Strength Index (RSI) normally drops sharply after reaching 90 before rising again. This has been the case since 2013, when we reached high levels of RSI around this point.
One analyst advised investors to be careful despite a viral tweet predicting a bull run. The expert told a prominent financial news site that he was surprised to find the top of this upward run.
The analyst added that while there may be short-term gains, investors should evaluate all considerations while making investment selections.
He commented that prices have been volatile, and any significant run could lead to losses and gains. He also suggested carefully studying market conditions before making any moves.
The analyst warned against placing too much faith in any one perspective or analysis, despite the present market trend’s optimism.
He highlighted the importance of diversifying investments and managing risk appropriately over the long term.
Predictions about Bitcoin’s (BTC) future vary widely
Bitcoin’s price is $21,260.17, up 1.92% in the last 24 hours and more than 23% over the previous seven days.
CoinMarketCap, a prominent provider of cryptocurrency market information, provided this data. Industry leaders like BitBoy Crypto’s Ben Armstrong have seen the digital currency’s durability in market turbulence.
Armstrong anticipates Bitcoin’s rise because it can resist economic instability, retain wealth outside traditional markets, and enable financial independence.
He also expects a bright future for Ethereum and Litecoin, which are rising despite market conditions. Lately, there has been much speculation about the future of Bitcoin, the world’s most famous cryptocurrency.
Tim Armstrong, an investor, and entrepreneur, forecasted that Bitcoin would rise from $25,000 to $30,000 in 45 days. Armstrong believes adverse headwinds could follow Bitcoin’s surge by year’s end.
Armstrong is hopeful, but millionaire investor Peter Schiff has also predicted Bitcoin’s future. Schiff, one of bitcoin’s fiercest opponents, forecasts a drop to $18,000 in the coming months.
Many crypto traders view his recommendations as a necessary contrast to what they hear daily. CNBC Africa’s Crypto Trader Host Ran NeuNer predicts Bitcoin will reach $60,000 by year’s end.
The well-respected trader views Bitcoin’s recent price hike as a sign of stability. NeuNer attributes the stability to Wall Street’s involvement in the crypto market.
He notes that the financial behemoths are moving away from retail investors and into institutional investors.