Bitcoin (BTC) is expected to see an “explosive run” by the end of 2024 as recent BTC price action sets a target of $85,000.
In a post on X on September 21, cryptocurrency trader, investor, and analyst Titan of Crypto predicted a “mid-point” 35% rally for BTC/USD.
Trader: Bitcoin Breakout Expected ‘By Year End’
Bitcoin has been on a steady rebound since dropping below $10,000 from its September support level, holding $62,000 at its weekly close.
Now, the bullish BTC price prediction shows that the good times are only going to get better for the bulls. For the Titan of Crypto, the first stop is $85,000.
He uploaded a weekly Relative Strength Index (RSI) chart of Bitcoin, suggesting that the market is gathering momentum to make new highs and move higher.
He summarized, “Bitcoin $85,000: Intermediate Target.”
“Weekly RSI breakout signals BTC is set for explosive moves by year-end.”
BTC/USDT 1-week chart with RSI data. Source: Titan of Crypto/X
RSI is a classic trading indicator used to define possible local highs and lows while providing insight into the strength of an uptrend or downtrend at a specific price level.
The weekly RSI is currently above the key 50/100 level, breaking the downtrend that has been in place since the latest high in March.
The crypto titan added that if September ends in the green, the uptrend will likely continue throughout Q4.
“Historically, when September ends in green, the fourth quarter was a strong one,” X said in another post.
“If we close above $59,000 this month, we’re likely to end the year strong. But despite the red finish, both 2017 and 2020 had green Q4s. Looking forward to Q4.”
BTC/USD Monthly Returns. Source: Titan of Crypto/X
BTC Price Rises to $61,000 with ‘Line in the Sand’
Elsewhere, popular trader Skew said further confirmation of BTC price strength is needed over the coming week.
relevant: Is Bitcoin Expected to Rise 400% Against Gold? Veteran Analyst Gives His Opinion
“From a technical standpoint, it looks pretty good,” he told his X followers.
Skew noted that higher highs and lower lows are needed in succession on the daily timeframe, with $61,000 being the key level to hold.
“Plus, the low price of $61,000 provides a clear benchmark for the market,” he concluded.
BTC/USDT 1-day chart. Source: Skew/X
This article does not contain any investment advice or recommendations. All investment and trading moves involve risk, and readers should conduct their own research when making decisions.