Bitcoin Can Hit $105,000 in Weeks Based on RSI Signals, Says Trader
A trader suggests Bitcoin could reach $105,000 in weeks due to bullish signals from the Relative Strength Index (RSI).Summary
Trader BitBull suggests Bitcoin (BTC) could reach $103,000 to $105,000 within three to four weeks, citing a breakout and continuation above a three-month downtrend on the weekly Relative Strength Index (RSI) that began in December. This breakout mirrors a previous one that preceded several months of price gains. Furthermore, analyst James Easton noted that the two-week RSI has flipped bullish and is at lower levels than during the late 2022 bear market bottom. Lower timeframes also show encouraging signs, such as a potential hidden bullish divergence on the four-hour chart, suggesting weakening sell pressure as BTC consolidates around $90,000. Despite these bullish indicators, some traders remain cautious, anticipating a potential retest of April lows near $75,000 before establishing long-term support.
(Source：Cointelegraph)