As investors continue to eagerly await the spot Bitcoin ETF excitement and the upward momentum in the largest cryptocurrency, closely followed crypto analyst Credible Crypto suggests that there is a strong upward movement on the table for BTC. The analyst expects Bitcoin to rise sharply and reach the $40,000 threshold in a short period of time.
Bitcoin’s Big Movement is About to Happen
Anonymous crypto analyst Credible Crypto stated on his personal account on social media platform X that Bitcoin has started preparing for a stronger rally after reaching around $35,200, the highest level of 2023. According to the analyst, Bitcoin’s Relative Strength Index (RSI) is now in the bullish zone on the weekly chart, indicating that momentum is building for the largest cryptocurrency:
Do you think the past few days have been crazy? This is nothing compared to what we will see in the coming weeks. The biggest movements occur when the RSI enters the overbought zone starting from the weekly chart and continuing on higher time frames.
With Bitcoin gaining momentum, Credible Crypto believes that the largest cryptocurrency is now in a position to make big rallies within a day, saying, “I think we will finally start burning monthly candles above $10,000 (many of them) in October.”
According to the Analyst, Bitcoin’s Path is Open to $40,000
According to Credible Crypto, with Bitcoin trading well above the psychological support level of $30,000, there is no strong resistance that can prevent the rise to $40,000:
There is no resistance as important as the one we just broke above. The road ahead is faster, more aggressive, and less forgiving than anything we have seen since the bottom at $15,000.
There is no need to complicate things too much. Essentially, Bitcoin is open to $40,000. Maybe there will be a pause at that point, but I don’t think it will take long for the price to reach this level.
