BTC price upside 'yet to come' at $29K after Bitcoin RSI reset — trader

    2023.08.04 | exchangesranking | 1995onlookers

    BTC price upside 'yet to come' at $29K after Bitcoin RSI reset — trader

    Bitcoin  has not yet seen the majority of its gains this cycle, one popular trader believes.

    In a tweet on Aug. 3, Credible Crypto doubled down on his bullish BTC price thesis.

    Credible Crypto: Bitcoin still to see "biggest upside moves"

    After over a month of acting within a tight trading range, traders’ patience with Bitcoin is wearing thin.

    Amid expectations that BTC price will test levels closer to $25,000 or even lower, Credible Crypto is one of those arguing the opposite.

    Analyzing data including Bitcoin market cap dominance and its relative strength index (RSI), he concluded that conditions had been reset.

    “Biggest upside moves on BTC are YET TO COME,” he summarized.

    “A month of sideways action on BTC and dominance has simply made a higher low. H12 bullish div confirmed, RSI on higher TF looks reset, maintaining above the ‘magic’ 40 RSI level, who's ready for the next leg up?”

    BTC/USD annotated chart with RSI. Source: Credible Crypto/Twitter

    RSI measures the price strength of an asset at a specific price point, and is currently consolidating on daily timeframes after Bitcoin’s July spike to one-year highs failed to sustain.

    Credible Crypto meanwhile is known for his optimism when it comes to how Bitcoin will evolve in the coming year and beyond.

    As Cointelegraph reported, in June, he predicted that BTC/USD would need only four months to challenge its current all-time highs of $69,000 seen in November 2021.

    “I am not saying we MUST hit new all time highs by October, I AM saying I do think we will hit new ATH by the end of this year and if someone forced me to pick a month in which I think this will occur it would be October. Let’s see how things play out," he wrote at the time.

    A more recent video update in late July made fresh reference to Bitcoin's upcoming "parabolic advance" to eclipse those highs.

    "Early bull market price action, period"

    Continuing, fellow trader CryptoCon flagged RSI over longer timeframes to deliver a similarly bullish take on BTC price performance.

    “Bitcoin bears and recession callers are relentless just below yearly highs... astounding!” part of a tweet stated on Aug. 3, saying that those bears had “no patience.”

    “I see price going sideways, and I've never been more bullish! Just wait until we break into phase 2 on the 3 Week RSI... Early bull market price action, period.”

    An accompanying chart showed RSI peaks and troughs over the years, with current conditions reminiscent of a pre-breakout stage.

    Bitcoin RSI phases chart. Source: CryptoCon/Twitter

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