Bitcoin (BTC) is preparing the perfect conditions for a new BTC price breakout, two classic indicators suggest.
Popular trader Roman makes the case for continued bullishness in BTC/USD in his latest analysis on X (formerly Twitter).
Traders: Check the BTC price closing each week to identify key signals
Despite disappointing holders for most of June, Bitcoin remains a solid bet for a higher period when things look much better.
Some argue that BTC price action is simply consolidating below all-time highs in classic bull market action that can last for months.
But for Roman, a return to the good times we’ve seen before may be just around the corner.
He predicted a higher push as the next logical step in BTC price action, plotting the Relative Strength Index (RSI) and Bollinger Bands on the weekly chart.
“We are currently forming a third bullish divergence between rice prices and RSI and many are giving in and demanding lower,” he wrote on June 21.
“The Bollinger Bands are also tightening, creating volatility that can be sent without a rebound.”
The accompanying chart shows that the RSI is making lower lows while price is making higher lows. This, combined with the tightening of the Bollinger Bands, can lead to significant volatility.
In a follow-up post, Roman suggested that the target of such an upward move could be entering new all-time high territory.
He told X subscribers on June 22, ‘You should pay attention to this 1W closing price.’
“We are forming more bullish signs of continuation for HTF. Once volatility builds, we can finally send it all the way to 90,000+.”
Bitcoin rises, faces reality
As Cointelegraph reported, other BTC price predictions are facing an uphill battle to come true on time.
Related: A look at BTC price support levels as Bitcoin falls below $64,000.
June’s $80,000 hit was only a week away, and another forecast for May predicted a single offensive breakout would hit $95,000.
Another popular trader, Daan Crypto Trades, said in part of his Weekend
“I don’t know exactly when it will happen, it might take all summer. We are referring here to the $59,000 to $74,000 range.”
He added that macroeconomic conditions, with US stocks hitting record highs and bond yields falling, are helping BTC price performance.
“This has historically been a great environment for $BTC and cryptocurrencies to thrive, but sometimes it has taken time for cryptocurrencies to catch up,” the post read.
“When they do, they usually do so in a spectacular way.”
BTC/USD was trading around $64,300 at the time of this writing, according to data from Cointelegraph Markets Pro and TradingView.
This article does not contain investment advice or recommendations. All investment and trading activities involve risk and readers should conduct their own research when making any decisions.