Relative Strength Jumps
Crypto research firm 10x Research reports that Bitcoin’s Relative Strength has jumped to 40%. This has historically indicated potential rallies for Bitcoin.
Bullish Sentiment
Despite a recent decline, Bitcoin has broken above the $62,000 resistance level, suggesting ongoing bullish sentiment.
Catalyst Needed for Rally
10x Research highlights that Bitcoin needs a catalyst to sustain a rally. They mention potential events such as:
- Uncapped deposit insurance
- Spot Bitcoin ETFs
- Lower US Core PCE
Trend Model and Buying Strategy
While 10x Research’s trend model indicates a downtrend, they don’t rule out a bullish reversal. They plan to buy the dip if Bitcoin drops significantly or rallies from current levels.
Highs Still to Come
Analysts Mikybull Crypto and Ali Martinez believe Bitcoin will still reach new highs. Martinez predicts a potential ATH of $92,190 if resistance at $69,150 is breached.
100k Target
Crypto analyst PlanB remains optimistic, predicting that Bitcoin reaching $100,000 this year is “inevitable.”
Current Market
At the time of writing, Bitcoin is trading around $63,500, up over 7% in the last 24 hours.
