A well-known crypto trader believes Bitcoin (BTC) is poised for a significant breakout this month, potentially reaching new all-time highs.
The analyst, known as TechDev, observes that Bitcoin’s relative strength index (RSI) has formed a bottoming pattern, suggesting the possibility of a bullish reversal.
The RSI is a momentum indicator that helps determine if an asset is oversold or overbought, with values between 70 and 100 indicating overbought conditions and those between 0 and 30 suggesting oversold levels.
TechDev notes that the current timeframe mirrors the weeks leading up to previous significant price surges, particularly the all-time high breakout from 2014 to 2017.
The analyst highlights an emerging RSI breakout that could signal a larger market shift, reminiscent of past trends.
He projects that Bitcoin could reach around $90,000 by November or December, pointing to a final consolidation against the upper trend line before a potential mid-October breakout. TechDev plans to watch for any deviations from this expected path as he continues to analyze the market.
New investments from Bitcoin (BTC) whales have skyrocketed 13 times this year, totaling nearly $108 billion as of October 6, according to CryptoQuant.
Bitcoin is facing selling pressure in the U.S., with its price hovering around $62,000.
After two consecutive days of positive inflows, U.S. spot Bitcoin ETFs saw net outflows of $18.66 million on Tuesday.
A U.S. city is raising alarms about the negative impact of a nearby Bitcoin mining operation.