Following the release of the US Service PMI and Unemployment Claims data, the leading cryptocurrency, Bitcoin (BTC), exhibited a volatile price movement.
“No Major Movement in BTC!”
Senior crypto analyst Credible Crypto doubled down on the bullish thesis for Bitcoin, the flagship of the markets, in his comments on Twitter since August 3. After Bitcoin has been trading in a narrow range for over a month, investors’ eager anticipation for Bitcoin is accelerating.
While expectations of BTC testing levels near or below $25,000 continue, crypto expert Credible Crypto is one of those who oppose this view. Analyzing data including Bitcoin’s market dominance and relative strength index (RSI), the expert concluded that conditions have reset. The analyst stated:
The biggest upward movements in BTC have not yet occurred. BTC and dominance have simply made a higher low in a month-long sideways movement. The H12 uptrend has been confirmed, and RSI on higher timeframes appears to have reset. RSI is staying above the 40 level. Who is ready for the next leg up?
Bitcoin ATH History!
The relative strength index measures the price strength of a token at a specific price point and is currently consolidating on daily timeframes after Bitcoin reached its highest levels in a year in July. However, Credible Crypto expressed optimism about how Bitcoin will evolve in the coming year and beyond. In a recent statement, the analyst said that BTC/USD would reach $69,000, the all-time high seen in November 2021, in just four months. The analyst stated:
I’m not saying we have to reach all-time highs by October, I believe we will reach a new ATH by the end of this year. If someone forced me to choose a month that I think this will happen, it would be this month. Let’s see how things go in October.
