The market’s main cryptocurrency could reach 105,000 dollars in a matter of a few weeks thanks to the Bitcoin RSI bullish signals recently detected. According to the analyst and trader known as BitBull, this fundamental technical indicator suggests a strong price rebound in an imminent way. Likewise, the current structure shows that the asset is exiting a three-month downtrend with notable solidity today.
The technical analysis shared this Thursday highlights that the weekly relative strength index has managed to surpass a key resistance line since last December. On the other hand, this technical breakout occurs while the asset’s price remains in a consolidation range above ninety thousand dollars right now. In this way, experts consider that the market is accumulating the necessary strength to seek new all-time highs.
James Easton, renowned host of the DeCRYPTion podcast, has also identified similar positive patterns in two-week time frames of duration. The expert noted that the indicator is currently at lower levels than during the 2022 bear market period. Therefore, this technical configuration represents an exceptional opportunity for the continuation of the current bull cycle. Furthermore, a hidden bullish divergence is observed which could weaken selling pressure in the short term significantly.
Price consolidation prepares the ground for an imminent takeoff
Recent investor behavior suggests that there is a clearly active US buyer during the daily trading sessions. However, some traders warn about the presence of passive sellers trying to keep the price under control momentarily. Nonetheless, the asset’s resilience above critical supports indicates that the growth trend remains intact for the current year ahead.
It is important to note that the success of this move depends on consolidating the ninety thousand dollar zone as support level. Therefore, the Bitcoin RSI bullish signals are considered a determining factor for the projections of the coming months. Meanwhile, the investment community watches with enthusiasm as this leading cryptocurrency seeks to establish a solid base before its next big climb towards six-figure valuation targets.
Is a retreat towards previous support levels possible?
Despite the widespread optimism, some analysts maintain a cautious stance regarding the possibility of visiting much lower support levels soon. There is a risk that the market will seek liquidity near seventy-five thousand dollars before continuing to move up. However, most technical indicators suggest that the current bullish momentum is strong enough to avoid deep price drops.
Ultimately, the outlook for the next three to four weeks remains mostly positive for long-term holders. It is also relevant to consider that Bitcoin RSI bullish signals usually precede explosive price movements. For this reason, investors should be attentive to the definitive confirmation of this breakout in weekly charts shortly. The maturity of the current market suggests that the one hundred thousand dollar goal is closer than ever.
