Bitcoin Price Set to Jump this Week, Real Bull Run Has Not Begun Yet: Analyst
Highlights
- Bitcoin price predicted to jump this week, targeting $74,000, with potential for a massive Q4 2024 bull run.
- Weekly RSI breakout indicates optimism, with historical precedents showing 331% and 178% rallies.
- Analysts expect short-term corrections before the mega bull run begins, with potential reversal levels at $62,338.
With the crypto market outlook showcasing a bullish outlook, Bitcoin (BTC) price is set to move higher and obliterate the bearish sentiment. Ethereum (ETH), Ripple (XRP) and other coins also look primed for a move higher.
Bitcoin Price Set to Shoot Higher This Week
Crypto analysts are also suggesting that Bitcoin is set to jump this week. Popular crypto analyst Kaleo adds that he is bullish as long as Bitcoin price trades below $70K. He noted that the real bull run for this cycle has not begun yet, showcasing his bias for the fourth quarter of 2024.
I will continue to be as bullish as it takes to inject hopium directly into your veins while Bitcoin is trading beneath $70K.
We haven't even seen the real bull market for this cycle yet.
— K A L E O (@CryptoKaleo) September 23, 2024
Trader Mayne, founder of Breakout Trading platform, posted on his Telegram channel how Bitcoin could hit $74K after a minor correction to the $60K region.
Bitcoin’s Weekly RSI Forecasts Optimism
The weekly Bitcoin price chart shows clear signs of how significant the Relative Strength Index (RSI) is. Every single time the RSI breached a downtrend containing a series of lower highs and lower lows, it triggered a massive uptrend for BTC.
- The weekly RSI breakout in January 2023, led to a 331% rally that pushed BTC price to hit a new all-time high of $73,777.
- When the weekly RSI ended its downtrend in October 2023, Bitcoin shot up 178%.
- Likewise, if history repeats, then Bitcoin price forecast hints at a humongous uptrend in Q4 of 2024.
Bitcoin Daily Price Chart Forecasts Short-term Correction Before Uptrend
The daily Bitcoin chart shows two clear imbalances formed at $62,338.46 and $62,338.46, which are good reversal levels. Furthermore, Trader Mayne’s reversal zone also falls around the aforementioned levels.
Mayne adds,
“If we are lucky enough to get a dip to the fresh OB it’s a buy.”
While the crypto market enthusiasm seems to be making a comeback, investors must note that there might be one or two more corrections ahead of us before the mega bull run kickstarts. Typically, the smart participants tend to flush early longs or eager bulls before sending the price higher.
Frequently Asked Questions (FAQs)
1. Will Bitcoin price increase this week?
2. Has the Bitcoin bull run begun?
3. What indicators suggest a Bitcoin price increase?
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