The future of Bitcoin is looking extremely bright. Based on an analysis of traditional indicators, there are strong signs that the price of BTC is on the verge of a breakout that could propel it beyond $90,000.
A trader by the name of Roman, who is well known for his insights, recently pointed out on the X platform (formerly Twitter) that Bitcoin is setting itself up for a sustained bull run. His analysis centers on BTC’s weekly close, which he considers to be a crucial indicator.
Roman is of the opinion that a return to Bitcoin’s glory days may be closer than many believe. By examining the Relative Strength Index (RSI) and Bollinger Bands on weekly charts, he foresees an uptick in pressure as the next logical move for BTC.
“Despite many predicting a decline, we are currently witnessing a third bullish divergence between price and RSI,” Roman stated on June 21. “It’s important for everyone to pay attention to this 1W close. We are seeing more signs of bullish continuation on HTF. Once volatility increases, we can finally make a full push towards 90k+.”
He also highlighted the narrowing of the Bollinger Bands, which typically precede a surge in volatility. A chart accompanying his analysis depicted the RSI reaching lower lows while the price marked higher lows, a classic indication of potential significant upside.
In a subsequent update, Roman projected that this upward movement could propel BTC to unprecedented heights. “You all should pay attention to this 1W closure,” he advised his X followers on June 22. “We are seeing more positive continuation signals on the HTF. Once volatility builds, we can finally make a full push towards 90k+.”
At the time of writing, the price of BTC was quoted at US$64,181.47, marking a 0.5% increase in the last 24 hours.
Disclaimer:
The views and opinions expressed by the author and any other individuals mentioned in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing or trading in cryptocurrencies carries the risk of financial loss.