Bitcoin is setting the stage for a potential breakout in BTC price, according to two key indicators.
In a recent analysis, popular trader Roman outlined a bullish continuation scenario for BTC/USD. Despite a disappointing June for hodlers, Bitcoin appears to be a strong bet on higher timeframes, where the outlook is more promising. Many believe that BTC price action is currently consolidating below all-time highs, which is typical behavior in a bull market and can last for several months.
However, Roman sees a return to the good times on the horizon. By flagging the relative strength index (RSI) and Bollinger Bands on the weekly chart, he predicted that a move higher is the next logical step for BTC price action. According to Roman, a third bullish divergence is forming between price and RSI while others are calling for lower prices.
A chart accompanying his analysis showed the RSI making lower lows while the price made higher lows, and the narrowing Bollinger Bands could result in significant volatility. Roman suggested that the target of this upside move could push BTC into new all-time high territory.
Meanwhile, other BTC price predictions are facing challenges to come true on time. With only one week left in June, a prediction from May suggests that $95,000 could be reached in a single breakout. Despite this, another popular trader, Daan Crypto Trades, remains optimistic about a breakout towards the upside for Bitcoin, citing macroeconomic conditions that are conducive to strong BTC price performance.
At the time of writing, BTC/USD was trading at around $64,300, according to data from Cointelegraph Markets Pro and TradingView. As always, this article does not provide investment advice or recommendations, and readers should conduct their own research before making any decisions.