According to experts, Bitcoin (BTC) rallied back above $23,000 today, August 6, but the next surge could be 20% or more.
Bitcoin Price Chart (Bitstamp). Source: TradingView
Is the $30,000 jump coming?
Data from Cointelegraph Markets Pro and TradingView showed that bitcoin price surged on Saturday, climbing back to the top end of the price range.
The market-leading cryptocurrency is currently on hold after several unsuccessful attempts to surpass the $23,500 resistance level, but hopes for a continuation of the recent rise are not over yet.
“I expect we’ll see more volatility over the weekend,” predicted analyst Content Indicator in its Aug. 5 Twitter update. to which he adds:
“If BTC surges above $25,000, another rally in the $26,000-$28,000 range is possible. However, another bearish move will dashed bulls hopes.”
Bitcoin price of $28,000 would mark an increase of over 20% from current positions, which would also mark a near two-month high.
The content indicator refers to the trend line mentioned in the corresponding price chart, which is close to the actual Bitcoin price of $22,000.
Below the current price level, there is increased demand while the next major resistance stands at $24,500.
Bitcoin (Binance) buy and sell levels along the trend line. Source: Content Indicator/Twitter
Weekends tend to provide significantly increased volatility as order books tend to lack trading volume as these are dominated by retail investors, but these days lack the support of institutional investors who don’t come until the next business day. Start trading again.
Meanwhile, crypto influencer CROW thinks an even bigger jump is possible for Bitcoin, so the trader only wants to book his partial profit at $30,000 as long as Bitcoin keeps making higher highs and higher lows.
keep it simple
Market structure is bullish and I will be bullish as long as we make higher lows and higher highs.
$30,000 is my main interest to take profits. #Bitcoin pic.twitter.com/LGGyW5whB4
— Crow (@TheCrowtrades) August 6, 2022
“On the weekends, only the price range counts because of the fake,” says analyst Kryptony. and further:
“I try to identify the price range and then stick to it because it allows you to see real breakouts and fake outs. If you do it sensibly, you can swap both.”
Will the RSI initiate a trend reversal?
In turn, influential crypto expert PlanB, creator of the much-cited Stock-to-Flow (S2F) forecasting model, points out that the Relative Strength Index (RSI) is on the verge of turning positive.
The Relative Strength Index is one of the key metrics that shows how much Bitcoin is overbought or oversold at a given price. The indicator hit its all-time low in June.
The RSI is now rising again, which PlanB says could mark the long-awaited end of the bear market.
The #Bitcoin Relative Strength Index (RSI) bounced back in June. Bear market over? pic.twitter.com/hsb6S6aW0n
— planB (@$100 trillion) August 6, 2022
In a previous post on Aug. 3, PlanB indicated that bitcoin price is still “way below” its S2F multiple from its Aug. 6 price target of $83,475. So a significant recovery could potentially be imminent.