A prominent analyst in the cryptocurrency realm, known as Credible Crypto, has shared an optimistic forecast with his substantial audience of 348,000 followers on the social media platform X. He asserts that Bitcoin is just at the beginning of its bullish trajectory after recently achieving a new high for the year at $34,606.

Momentum Building for Bitcoin

Delving into the technical aspects of Bitcoin’s current state, Credible Crypto highlights the Relative Strength Index (RSI) on the weekly chart, noting its position firmly in bullish territory. This is a vital indicator for traders, as the RSI reflects the speed and change of price movements, with a position above 70 indicating that an asset might be overbought. However, in the context of Bitcoin and according to the analyst, this is a precursor to some of the most substantial price movements.

“You think these last couple of days have been crazy? It’s nothing compared to what we will see in the coming weeks. The biggest moves occur as RSI pushes into overbought territory on higher timeframes, starting with the weekly.”

The Path to Unprecedented Gains

With the momentum seemingly in Bitcoin’s favor, Credible Crypto expresses confidence that we could witness exceptional daily rallies, potentially exceeding $10,000 in October alone. This is a bold prediction and highlights the unique and volatile nature of cryptocurrency markets.

“Think we will finally get our first (of many) $10,000+ monthly candles here in October.”

Furthermore, the analyst discusses the current resistance levels, or rather, the lack thereof, as Bitcoin trades confidently above $30,000. This critical psychological level now acts as a support, opening the door for accelerated upward movements.

“Nah there is no resistance above us that was as significant as the one that we just broke through. The path up from here will be faster, more aggressive, and less forgiving to those who are on the sidelines than anything we have seen since the $15,000 bottom thus far. Don’t overcomplicate it. It’s basically open-air till $40,000. Maybe then we get a pause but even that won’t last very long, in my opinion.”

At the time of the report, Bitcoin’s market price stands at $33,990, consolidating its position and gearing up for the anticipated rally. This insightful analysis serves as a testament to the dynamic and ever-evolving world of cryptocurrency trading, where substantial gains and shifts in momentum are always just around the corner.