According to a crypto analyst known as CrediBULL Crypto, the recent surge in Bitcoin’s price is just the beginning of a larger uptrend. The analyst believes that significant market movements occur when the Relative Strength Index (RSI) surpasses the overbought threshold on higher time frames, starting with the weekly timeframe.
You think these last couple of days have been crazy?
It's nothing compared to what we will see in the coming weeks.
The biggest moves occur as RSI pushes into overbought territory on higher timeframes, starting with the weekly.
We're just getting warmed up. $BTC https://t.co/ibbczJG19K pic.twitter.com/qqr5uq5SJQ
— CrediBULL Crypto (@CredibleCrypto) October 24, 2023
CrediBULL Crypto suggests that the recent price action is relatively tame compared to what is expected in the coming weeks. The surge in Bitcoin’s price past $34,000 has generated enthusiasm among investors and has also fueled a broader market rally. Additionally, there has been progress in the development of a highly anticipated Bitcoin exchange-traded fund (ETF) by BlackRock, known as the iShares Bitcoin Trust, as it has appeared on the Depository Trust and Clearing Corporation’s (DTCC) curated list.
The analyst notes that people are starting to take notice of these developments, indicating increasing awareness and interest in the cryptocurrency market. At the time of writing, Bitcoin was trading at $34,445.86, experiencing a 12.61% increase in the last 24 hours.
Source: BENZINGA Crypto
