Crypto experts are predicting that the price of Bitcoin (BTC) could explode in the latter stages of 2024.
Crypto experts are predicting that the price of Bitcoin (BTC) could explode in the latter stages of 2024.
Crypto trader Titan recently shared his prediction in a post on the social media platform X. The trader referred to Bitcoin's RSI on the higher time frames taken on a weekly basis and interpreted the breakout as a sign for an explosive move by the end of the year for BTC.
"The Weekly RSI breakout signals an explosive move by the end of the year for BTC," he says, posting a chart supporting his forecast that shows where the RSI is headed.
Meanwhile, the RSI, which is a popular trading indicator used to determine potential market tops and bottoms, has broken above the important 50/100 mark on the weekly chart.
The breakthrough ends a downtrend in place since the last all-time high back in March, potentially flipping the sentiment in the market.
Titan of Crypto also added: "Historically, when September closes green, Q4 has been bullish," he observed. The analyst insinuated that Bitcoin is setting up a bullish close to the year, provided it manages to close above $59,000 this month.
While optimism runs high, other market observers were cautious. Trader Skew added that the leading cryptocurrency needed to hold a series of higher highs and higher lows on daily timeframes. Skew singled out $61,000 as the "line in the sand" for the market, noting that lingering above this level will be important in making sure the bullish momentum can continue.
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