Bitcoin’s ‘Only Missing Thing’ is New All-Time Highs, says Analyst

The following are key points.

• Bitcoin hopes to recover $120,000 at Wall Street opening as bullish trend continues.

• As this is increasingly likely, traders look forward to the price discovery.

• RSI moves higher as the price increases without a sustained retest of support.

BitcoinBTCAs the price of BTC rose to new highs, it was a welcome change from Thursday’s bearish BTC market. “next.”

Bitcoin traders get ready for price discovery

Data from Cointelegraph Markets Pro You can also find out more about the following: TradingView BTC/USD gained another 1% in the last day.

After more than six months, there have been no significant price drops.

Rekt Capital – a well-known trader and market analyst – reacted to the news by saying that even consolidation moves may return only $117,000.

“Bitcoin has Daily Closed above $117.3k (blue),” He wrote An explanation of X is provided in the form of a chart.

“Any dips into blue, if at all necessary, would constitute a post-breakout retest to fully confirm re-entry into the blue-black range of $117.3k-$120k.”

Jelle, a popular trader, was also eager to see new support move up.

“So far, Bitcoin is moving exactly as planned,” He told X Followers while updating a Strategy with $118,000 being the critical breakthrough level. 

“Hold $118k from here, and new all-time highs are next. Uptober is here.”

BitBull, a fellow trader, suggested that six weeks of price corrections had ended.

“$BTC has now made a higher high on the daily time frame. This is a major sign that the downtrend is now over,” commented. 

“Now all I want is a daily close above $118K and a new ATH will happen in no time.”

BTC price all-time high “only thing missing”

Earlier, Cointelegraph reported The relative strength Index provides early warnings.RSIIn a short period of time, the ) had been entered “overbought” territory.

Related: Bitcoin’s next ‘explosive’ move targets $145K BTC price: Analysis

On the four-hour chart, RSI subsequently made a marginally higher high, hitting 82.3 — its most “overbought” Since mid-July.

Caleb Franzen of Cubic Analytics financial research tool, who discussed RSI in his article, argued new highs are still possible due to bullish divergences.

“After all of the bullish RSI divergences on 1, 2, and 4-hour timeframes, I think this will happen sooner than later,” Part of an X-post read.

Franzen added that BTC/USD had crossed its anchored volume-weighted average price (AVWAP) — a representation of average price weighted by volume over a specific time period.

He concluded that price discovery was the new priority. “only thing missing” From the Bullish Mix

This article contains no investment recommendations or advice. Risk is inherent in every investment decision and trade. The reader should always do research prior to making their final choice.