Bitcoin’s price has quickly rebounded after four days of selling. After briefly touching $63,500, BTC is now hovering around $67,000. This weekend or the coming week could see BTC bulls attempt to reach the all-time high of $73,800. Are you ready for this ride?
A History of Attempts
Since Bitcoin’s last high in mid-March, it has experienced 135 days of sideways and downward movement. There have been four attempts to surpass this high, all of which failed. This latest attempt, which started from a low of $53,500 and peaked at $68,500 before pulling back to $63,500, is now reversing to the upside again.
Why This Time Might Be Different
What makes this attempt different? One major factor is the strong upside momentum indicated by the weekly stochastic RSI. This powerful indicator has bottomed out and both its lines have crossed the critical 20 level, signaling significant momentum.
Strong Momentum Indicators
Previously, a cross-up on the stochastic RSI led to a fake-out, causing the rally to fail. This time, the signal is strong, suggesting a lot of momentum is ahead. Even the 2-week stochastic RSI has bottomed out.
The Next Stage of Bitcoin’s Bull Run
The weekly RSI is showing a potential break of the downward trend, which could establish a new upward trend. If BTC closes above the top bull flag trend line this Sunday, we might see a price explosion, pushing Bitcoin past its all-time high and into uncharted territory.
The next stage of Bitcoin’s bull run could target $100,000, and possibly even $150,000. Are you on board for this journey?
