X Analysts Call for a Wild Ride Up
The next few months could shake up the Bitcoin landscape, with analysts hinting at a potential rally to $233,000 by Q1 2025. The forecast, dropped by the X account Bitcoindata21, digs deep into Bitcoin’s relative strength index (RSI) to fuel the speculation. Bitcoin’s current price hovers around $65,000, but according to this fresh take, the coming quarters could send it flying.
Bitcoindata21 pulled the data from standard deviations applied to monthly RSI readings. The model suggests Bitcoin’s top might breach a quarter-million dollars, aligning with blow-off tops from previous bull runs. Looking at the past, RSI readings above 88.6 have historically marked the zenith of Bitcoin bull markets, and that exact number is in sight for Q1 2025.
“If you think it won’t get there, then you’re betting this time is different,” the post taunted.
Big moves, short timeline
Bitcoin’s previous runs have seen fast, sharp peaks, and this one seems primed for the same. Just a few years back, it leaped from $10k to $67k in only seven months, with much of the buying frenzy attributed to Grayscale. Now, the market’s shaping up to be even bigger. With traditional finance (trad-fi) giants ready to dump trillions into the space once price discovery kicks in, this next bull run might eclipse anything Bitcoin’s ever seen.
“There’s so much disbelief right now after this long consolidation,” another post said. “Perfect time for price to rip higher, further than the hive mind believes.”
Bitcoindata21 promises more confluence pointing toward the $250K zone, hinting at future uploads on X to flesh out the analysis. The conviction from RSI traders remains firm, particularly since Bitcoin’s current daily RSI sits around 62.7, comfortably above the 50 mark, signaling it’s not yet overbought.
Traders Brace for RSI Breakout
Meanwhile, veteran trader Mags chimed in, pointing to a cyclical pattern where Bitcoin tops out when monthly RSI breaks above 90. “We haven’t hit those levels yet this cycle,” Mags told X followers, noting that RSI still has “a lot of room to grow” before things get wild. Based on history, when that RSI breaks through, the move could be legendary.
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