It looks like Bitcoin could be heading for an exciting end to 2024, with some analysts predicting a big move. According to Titan of Crypto, a well-known trader and investor, Bitcoin might hit $85,000 by the end of the year. In a post on X (formerly Twitter) on September 21, he shared his thoughts on what could be a 35% gain for Bitcoin.
Countdown to Bitcoin’s Next Big Break
At press time, Bitcoin is sitting at $64,222 good for gains of 1.8% in the past 24 hours. Pretty solid after bouncing back from support levels $12,000 lower earlier this month. If this momentum keeps up, things are looking good for those of us rooting for a bullish trend. Titan of Crypto’s target of $85,000 is the next major stop.
He backs up this prediction by sharing a chart of Bitcoin’s relative strength index (RSI) on the weekly timeframe. The RSI is a popular tool that helps traders spot where prices might be heading, whether toward a peak or a dip. Right now, the weekly RSI is above a key threshold, which suggests we might be in for a strong move upward, possibly setting new all-time highs.
https://twitter.com/Washigorira/status/1837539311295627390
Titan of Crypto summarizes it in simple terms: “Bitcoin $85,000: Intermediate Target. The Weekly RSI breakout signals an explosive move by the end of the year for BTC.”
RSI, Cause for Optimism
For those unfamiliar, RSI is a commonly used trading indicator that helps identify whether an asset is overbought or oversold. When it sits above certain levels, it can indicate that an uptrend is gaining strength. This is exactly where Bitcoin’s RSI is right now, which is why traders like Titan of Crypto are feeling optimistic.
The RSI has broken a downtrend that had been in place since March, when Bitcoin last hit an all-time high. So, this breakout is seen as a signal that prices could be heading higher in the near future.
What’s Next?
According to Titan of Crypto, the way September wraps up will play a big role in what we see next. Historically, when Bitcoin ends September on a positive note, the final quarter of the year tends to follow with more gains. In fact, he mentioned that if Bitcoin closes above $59,000 this month, a bullish Q4 is likely.
Even if we don’t get that green close this month, it’s not all doom and gloom. Titan points out that in both 2017 and 2020, we saw a green Q4 despite a red September. So, while nothing is guaranteed, history suggests there’s still a lot of potential for good things ahead.
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