Popular crypto trader believes Bitcoin (BTC), on its way to new all-time highs, is preparing for a major breakout in the coming month.
TechDev, a pseudonymous expert who has been analyzing BTC for some time now, says that the relative strength index of BTC (RSI), which measures its performance against other currencies and assets such as gold or silver is showing early signs to possibly reverse into a leg up.
The RSI is a momentum indicator that is used to identify whether an asset has been oversold, or overbought. The RSI values are from zero up to 100. A level of 70-100 indicates an overbought asset, while a level zero-30 indicates an oversold asset.
What is TechDev?
We’re at the exact same week number as when we began the breakout of the high-all-time levels during the period 2014-2017.
We can also see that an RSI break out is possible. Comparing this setup to the previous time that we observed a similar one in the yellow area. The breakout of RSI then was a major indicator for the market’s larger shift which followed .”
This analyst shows a graph that indicates he believes Bitcoin will surge up to $90,000. He expects this to happen in either November or December.
With confluence that outlook places a final consolidating against the upper trendline where it is expected.
Mid-October is my target for the break out of this tiring correction. It has formed an actual horizontal line in the high-timeframe.
“I’ll be on the lookout for any deviations or changes from our expected path of orange and will provide an update if any are observed.”
BTC was trading at $62,628 as of the time this article is written. Market cap-based ranking of the top crypto assets has dropped almost 2% over the last 24 hours.
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The post Bitcoin Primed to Breakout in Mid-October – Trader’s Price Target, announcing Q4 fireworks for Bitcoin may change as new information becomes available.
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