Bitcoin Price Prediction: Top Analyst Sees BTC Surging To $92K After 3-Month Rally As This New Meme Coin ICO Raises $232K In A Week
The Bitcoin price dropped 2% in the last 24 hours to trade at $58,258 as of 00:41 a.m. EST, even as trading volume skyrocketed 55% to $23 billion.
This comes as analyst Titan of Crypto, with almost 92k followers on X, predicts that BTC could break above $92,000 after months of downward movement. Drawing from historical post-halving chart patterns, he suggests that BTC is now on the verge of a three-month rally.
Bitcoin Price Bearish, A Trend Reversal Looming?
The Bitcoin price has soared through a markup phase since Sept. 8, surging from $54,112 to $60,771 on September 14, according to data from GeckoTerminal .
Bitcoin recovered above the $60,000 psychological mark on Sept. 14 for the first time since August 30.
However, after soaring to the $60,771 resistance, the price of Bitcoin then went through a correction to the current price, forming a rounding top pattern. The bears may capitalize on the rounding top to push the token lower to the $55,137 support zone.
Even though the Bitcoin price trades above the 50-day Simple Moving Average (SMA), the bulls struggle to keep the price above the 200-day SMA, which now acts as a formidable resistance around $58,968.
The Relative Strength Index (RSI) also supports the downtrend narrative, as it dropped from the 70-overbought region to currently trade below the neutral zone at 43, which shows that BTC is currently under intense selling pressure.
If the bears continue exerting pressure on the asset, the price of Bitcoin may plunge back to the $55,137 support area.
However, with the RSI now on a downward trend, the bulls may capitalize on the asset being undervalued to buy more.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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