Crypto research platform 10x Research recently noted that the Bitcoin Relative Strength has jumped to 40%. In line with this, they provided insights into what major moves the flagship crypto might make soon enough. 

What Next For Bitcoin?

In their newsletter titled “Fake Dip?” 10x Research drew the crypto community’s attention to the fact that Bitcoin has historically experienced potential rallies whenever its relative strength index (RSI) drops to 40%. As such, there is the possibility that BTC could again rally following its recent decline. 

The research platform warned that a “line in the sand” at the $62,000 mark could keep the flagship crypto from rallying. However, Bitcoin has already broken above that level, which could mean there is still a bullish sentiment around the crypto token. 

Meanwhile, the research hinted that BTC would need a catalyst to enjoy a sustained rally. They highlighted four bullish events that helped Bitcoin enjoy a parabolic run soon after breaking a vital support level. These events included Treasury Secretary Janet Yellen’s bid for uncapped deposit insurance, BlackRock’s application for a Spot Bitcoin ETF, Franklin Templeton also filing for a Spot Bitcoin ETF, and when US Core PCE dropped below 3.0%.

This echoes the sentiment of Andrey Stoychev, Head of Prime Brokerage at Nexo, who previously mentioned that Bitcoin would need a catalyst to make a significant move to the upside. He predicts that Bitcoin will only continue to trade around the $67,000 range without this catalyst. 

10x Research didn’t sound optimistic about BTC enjoying a sustained rally, as their trend model indicates that the flagship crypto is in a downtrend. Despite that, they are not ruling out the possibility of BTC experiencing a bullish reversal. The research firm also revealed that they would look to buy the dip if Bitcoin drops significantly or rallies from here. 

BTC Still Destined To Hit New Highs

Crypto analyst Mikybull Crypto recently suggested that Bitcoin will still hit new highs. He stated that Bitcoin’s current price action is meant to create “more fear across the market and then bottom for upward continuation.” Crypto analyst Ali Martinez also recently suggested that the bull run was far from over, bearing in mind that Bitcoin consolidated around this period in the last two bull runs. 

He claimed that BTC might be over 500 days away from hitting its market top for this cycle. As to how BTC could rise, Martinez mentioned that it could hit a new all-time high (ATH) of $92,190 if it breaches the resistance level of $69,150. It is also worth noting that crypto analyst PlanB stated that Bitcoin hitting $100,000 this year is “inevitable.”

At the time of writing, BTC is trading at around at around $63,500, up over 7% in the last 24 hours, according to data from CoinMarketCap.

BTC price recovers above $63,000 | Source: BTCUSD on Tradingview.com

Featured image from BBC, chart from Tradingview.com

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Bitcoin is now at a critical junction, which many determine its price trajectory for the rest of the year. The crypto has managed to return into $60,000 territory after dropping down to $56,000 for the first time since April. Some analysts are of the notion that the Bitcoin bulls haven’t actually started on their momentum yet, with many expecting a surge above $74,000 in the coming weeks. 

According to a crypto analyst, impulse waves formed by Bitcoin over the past 1.5 years are indicating that the price of Bitcoin will soon jump to between $90,000 and $100,000. 

Bitcoin To $90,000

A crypto analyst known pseudonymously as TechDev recently shared a Bitcoin price outlook on social media platform X with over 448,000 followers. Interestingly, his analysis is based on Elliot impulse waves, a technical analysis tool that has become extremely popular among crypto analysts when forecasting Bitcoin’s price. 

According to the BTC/US Dollar 2D timeframe shared by the analyst, Bitcoin has been forming impulse waves on an uptrend since May 2023. The chart indicated that the recent correction since Bitcoin reached an all-time high of $73,780 is the fourth impulse wave formation, which is generally known to be a corrective wave. Interestingly, the asset is now at a critical junction after bouncing up at $56,800. 

As noted by the analyst, Bitcoin is set to form its fifth (bullish) impulse wave and go parabolic in the coming months. The first price target is around $90,000 to $100,000 in the short term. The second price target is around the projected peak of the fifth impulse wave, which sits just below $150,000.

TechDev’s analysis is based on a similar five-impulse wave formation in the 2020 to 2021 bull market cycle. A similar fourth impulse wave correction during this period saw Bitcoin falling from $41,000 to $29,000 in early 2021. However, a rebound led to the formation of a fifth (bullish) impulse wave, pushing the price of Bitcoin to its former all-time high. 

The impulsive structure of the last 1.5 years says 90-100K is next. $BTC pic.twitter.com/jboA0rQ3Qs

— TechDev (@TechDev_52) May 3, 2024

What’s Next For Bitcoin Price?

At the time of writing, Bitcoin is trading at $63,275 and up by 6% in the past 24 hours. Since the launch of Spot Bitcoin ETFs in the US, Grayscale’s GBTC recorded its first day of inflow, totaling $63 million on May 3. Investors are hopeful and speculating how this might kickstart a new bull run for the cryptocurrency.

According to an analyst, Bitcoin has successfully defended a correction below the 21-day exponential moving average (EMA). The next step is crossing above resistance around $63,488. 

BTC bulls push price toward $64,000 | Source: BTCUSD on Tradingview.com

Featured image from The TechBullion, chart from Tradingview.com

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Crypto expert Michaël van de Poppe has made a bullish case for Bitcoin as he alluded to macroeconomic factors that could soon play out in the flagship crypto’s favor. In line with this, he urged Bitcoin investors to take action with a parabolic surge on the horizon. 

An Imminent Quantitative Easing Would Be Good For Bitcoin

Van de Poppe suggested in an X (formerly Twitter) post that Bitcoin will rise on the back of a Quantitative Easing (QE), which he anticipates is “close.” He noted that the Fed has already started to “unwind Treasury buybacks and is reducing QT [Quantitative Tightening].” He claims this is happening because the economic data has worsened, which puts the US at risk of a recession. 

Therefore, the Fed seeks to avoid this recession by buying back long-term government bonds and injecting liquidity into the financial system. As the crypto expert predicts, this could be good since it will force the Fed to take a more dovish stance and possibly lower interest rates, boosting investors’ confidence to go all in on risk assets like Bitcoin. 

Van de Popper further predicts that this Quantitative Easing will become evident in the data released in the coming months. In line with this, he advised investors to long Bitcoin. It is worth noting that Bitcoin dropped to as low as $57,000 ahead of the latest FOMC meeting, with many investors seeming to have anticipated a hawkish stance from the Fed. 

However, as the crypto expert noted, the rates remain unchanged, and Fed Chair Jerome Powell raised the possibility of a rate cut as early as June. Given Bitcoin’s price recovery since then, this development looks to have already revived a bullish sentiment among investors. 

What To Expect Going Forward

In another X post, Van de Popper revealed his expectations for the crypto market going forward. He stated that Bitcoin will consolidate and go sideways (possibly ahead of the QE which will boost its price in the coming months. Meanwhile, he also expects Altcoins to “heavily outperform and rotation kicks in.”

The crypto expert had previously echoed a similar sentiment when he stated that he expects altcoins to bounce in their Bitcoin pairs while Bitcoin faces a period of consolidation that he doesn’t expect to change in the “coming months.” 

Back then, he also mentioned that there would be a narrative shift to Ethereum, and he reaffirmed this belief in a more recent X post, stating that he expects a lot from the second-largest crypto token by market cap.  

At the time of writing, Bitcoin is trading at around $59,100, up over 2% in the last 24 hours, according to data from CoinMarketCap. 

BTC bulls reclaim control of price | Source: BTCUSD on Tradingview.com

Featured image from Seu Dinheiro, chart from Tradingview.com

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.