BTC is on the verge of a potential breakout, according to two key indicators, as per a recent analysis by popular trader Roman on X, the new name for Twitter.
Despite a lackluster performance in June, Bitcoin is still a strong option when looking at higher timeframes. Some experts argue that BTC is simply 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 better times on the horizon. He pointed to the Relative Strength Index (RSI) and Bollinger Bands on the weekly chart as indicators of an impending upward movement in BTC’s price action.
An accompanying chart showed RSI making lower lows while price made higher lows. Combined with narrowing Bollinger Bands, this could result in significant volatility. Roman believes that the target of this potential upward move could take BTC into new all-time high territory.
However, other BTC price predictions are facing challenges in coming true on time. Despite this, another popular trader, Daan Crypto Trades, remains optimistic about a potential breakout towards the upside for Bitcoin, especially given the macroeconomic conditions.
At the time of writing, BTC/USD was trading at around $64,300, as per data from Cointelegraph Markets Pro and TradingView.
As always, it is important to note that this article does not contain investment advice or recommendations. All investment and trading moves come with risks, and it is crucial for readers to conduct their own research before making any decisions.