Ever since the beginning of the year 2023, the crypto markets have been experiencing a roller coaster ride, with the volatility varying on larger scales. The bitcoin price also underwent drastic changes, with the value marking higher highs and lows. Hence, it displays the growing dominance of bulls in the long term, despite the fact that the bears have held a tight grip over the rally at the moment.
So where will the BTC price head this month? Will it clear the crucial $28,200 resistance or maintain a close consolidation below these levels?
To analyze the upcoming price pattern, technicals play a crucial role, referring to the previous price trends. The Relative Strength Index, or RSI, is considered the most popular tool for measuring the short-term momentum of the market. These indicators play a good role in speculating the probable reversal of the prevailing trend. Therefore, a popular analyst, Ali, refers to the RSI in the 4-hour chart and presents two possibilities.
The analyst also expects the RSI to drop and test the lower support region, which may cause the price to undergo a significant drop. Therefore, he presents two simple strategies to closely look at,
- Sell BTC when RSI exceeds 74.21
- Buy BTC when RSI dips below 30.35
At the moment, the RSI stands around 50 and suggests his 30.8K followers wait till the RSI reaches 30.35 to ‘buy at the dip’.
Collectively, the crypto markets showcase a minor bullish case, however, to trigger a notable upswing, the star crypto could visit the lower support. These ranges are also believed to be a strong liquidity zone which may attract the bulls. Eventually, the Bitcoin price prediction in the long term appears to be slightly bullish aiming to surpass $30,000 soon.