Bitcoin is poised for an “explosive move” by the end of 2024, with recent price action setting an ambitious target of $85,000.
In a post on X on September 21, crypto trader, investor, and analyst Titan of Crypto predicted “intermediate” gains of 35% for BTC/USD.
Bitcoin continues to hold above $62,000 as the weekly close approaches, having bounced back from a September support level that was $10,000 lower. Optimistic forecasts for BTC price suggest that conditions are becoming increasingly favorable for bulls. For Titan of Crypto, the first target is $85,000.
He shared a chart showing Bitcoin’s relative strength index (RSI) on weekly timeframes, indicating that momentum is building for a move to new all-time highs and beyond. “Bitcoin $85,000: Intermediate Target,” he summarized.
“The Weekly RSI breakout signals an explosive move by the end of the year for BTC.”
The RSI is a classic trading indicator that helps identify likely local tops and bottoms while providing insights into the strength of an uptrend or downtrend at specific price points. Currently, the weekly RSI is above the key 50/100 mark, breaking a downtrend that has persisted since March’s latest all-time high.
Titan of Crypto noted that if September ends positively, the uptrend should continue into Q4.
“Historically, when September closes green, Q4 has been bullish,” he stated. “If we close above $59,000 this month, a bullish end of the year is likely. However, even with a red close, both 2017 and 2020 saw green Q4s. Promising Q4 ahead.”
Popular trader Skew emphasized that more confirmation of BTC price strength is necessary in the coming week. “From a technical perspective, this does look pretty good,” he told X followers.
He pointed out that a series of higher highs and higher lows is needed on daily timeframes, designating $61,000 as a critical level to maintain. “Furthermore, on $61K lows, it provides a clear line in the sand for the market,” he concluded.
