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<a href="https://bitcoinist.com/bitcoin-etf-matrixport-10x-research-rejection/" rel="noopener noreferrer nofollow">Crypto research platform 10x Research</a> recently noted that the <a href="https://bitcoinist.com/bitcoin-price-suffers-sharp-decline/" rel="noopener noreferrer nofollow">Bitcoin Relative Strength</a> has jumped to 40%. In line with this, they provided insights into what major moves the flagship crypto might make soon enough.&nbsp;
<h2 id="what-next-for-bitcoin">What Next For Bitcoin?</h2>
In their <a href="https://mail.10xresearch.co/p/fake-dip-important-bitcoin-chart-traders-watching" rel="noopener noreferrer nofollow">newsletter</a> 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.&nbsp;
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.&nbsp;
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, <a href="https://bitcoinist.com/blackrock-seeded-bitcoin-spot-etf/" rel="noopener noreferrer nofollow">BlackRock’s application</a> for a Spot Bitcoin ETF, <a href="https://bitcoinist.com/trillion-dollar-spot-bitcoin-etf/" rel="noopener noreferrer nofollow">Franklin Templeton</a> 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 <a href="https://www.newsbtc.com/news/bitcoin/bitcoin-raises-bull-flag-formation-triggers-calls-for-100000/" rel="noopener noreferrer nofollow">previously mentioned</a> 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.&nbsp;
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.&nbsp;
<h2 id="btc-still-destined-to-hit-new-highs">BTC Still Destined To Hit New Highs</h2>
<a href="https://bitcoinist.com/dogecoin-doge-price-can-reach-1/" rel="noopener noreferrer nofollow">Crypto analyst Mikybull Crypto</a> recently suggested that Bitcoin will still hit new highs. He <a href="https://x.com/MikybullCrypto/status/1785928849093435866" rel="noopener noreferrer nofollow">stated </a>that Bitcoin’s current price action is meant to create “more fear across the market and then bottom for upward continuation.” <a href="https://bitcoinist.com/shiba-inu-flashes-bull-flag-150/" rel="noopener noreferrer nofollow">Crypto analyst Ali Martinez</a> also recently <a href="https://www.newsbtc.com/news/bitcoin/bitcoin-drop-below-60000-btc/#:~:text=On%20Wednesday%2C%20Bitcoin%20sharply%20declined,heights%20in%20this%20market%20cycle." rel="noopener noreferrer nofollow">suggested</a> that the bull run was far from over, bearing in mind that Bitcoin consolidated around this period in the last two bull runs.&nbsp;
He claimed that BTC might be over 500 days away from hitting its <a href="https://bitcoinist.com/bitcoin-breaks-through-69000-setting-new-record/" rel="noopener noreferrer nofollow">market top </a>for this cycle. As to how BTC could rise, Martinez mentioned that it could hit a <a href="https://bitcoinist.com/bitcoin-breaks-through-69000-setting-new-record/" rel="noopener noreferrer nofollow">new all-time high (ATH)</a> of $92,190 if it breaches the resistance level of $69,150. It is also worth noting that crypto analyst PlanB <a href="https://www.newsbtc.com/news/bitcoin/bitcoin-100000-in-2024/#:~:text=Bitcoin%20To%20%24100%2C000%20Is%20%E2%80%9CInevitable%E2%80%9D&amp;text=He%20noted%20that%20the%20Bitcoin,average%20price%20level%20for%20Bitcoin.&amp;text=However%2C%20he%20added%20that%20this,year%20but%20sometime%20in%202025." rel="noopener noreferrer nofollow">stated </a>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 <a href="https://coinmarketcap.com/currencies/bitcoin/" rel="noopener noreferrer nofollow">data</a> from CoinMarketCap.
<img loading="lazy" src="https://www.tradingview.com/x/nQKYyUT6/" alt="Bitcoin price chart from Tradingview.com" width="3286" height="1576">

Bitcoin Relative Strength Jumps To 40%: 10x Research Reveals Next Steps From Here

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