Bitcoin (BTC) has rebounded slightly after a series of fluctuations. Although it briefly broke through the $30,000 level during this rebound, the price subsequently fell below this key level again. However, the $30,000 price still attracts the attention of the market, and some cryptocurrency analysts believe that Bitcoin is expected to achieve more gains and may even set a record high price again.
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Well-known cryptocurrency analyst TradingShot proposed in a recent article that Bitcoin's strong technical analysis and historical charts show that Bitcoin may only experience a correction if certain conditions are met, otherwise it will continue to rise. The analyst firmly believes that Bitcoin's target price is clearly pointed to $10,000, despite recent rumors of false news about spot Bitcoin exchange-traded funds (ETFs) and some negative factors. However, Bitcoin has risen to the challenge and shown a strong trend.
According to data from TradingShot, Bitcoin is currently approaching a critical level. Analysis shows that on the daily chart, the relative strength index (RSI) has surpassed the 70.00 level, which indicates that the market is overbought. It is worth noting that the RSI reached its highest point last Monday. However, unlike usual situations, this overbought state does not necessarily lead to a price correction.
Bitcoin price in USD
The renowned analyst noted that the next significant buying opportunity will occur when Bitcoin retests and corrects to the 100-day moving average (MA100) on the daily chart.
Therefore, despite the overbought RSI, our current expectation is that the price will not correct immediately. Instead, we plan to wait until at least 3 lower highs are formed and wait for the price to correct to the MA100 level. This will be a good buying opportunity and our target is above the high of the Fibonacci Extension level 5, which means a target price of more than $35,500.
Although Bitcoin attempted to re-break through the $30,000 level after false news that the U.S. Securities and Exchange Commission (SEC) approved a spot Bitcoin ETF, this gave investors a glimmer of hope.
In the crypto space, the first true spot Bitcoin ETF is expected to be approved by the end of this year, although the SEC has not yet provided a specific time frame. A recent court ruling showed that the SEC's rejection of Grayscale's Bitcoin ETF application was unfounded.
As of writing, Bitcoin is trading at $29,803, up about 1% on the day. In this week’s price analysis, Bitcoin has experienced a gain of more than 10%.
