Crypto.com reveals upside potential of Bitcoin at $29K after RSI reset.
BTC price upside ‘yet to come’ at $29K after Bitcoin RSI reset — Trader

Credible Crypto, a popular trader, believes that Bitcoin (BTC) has yet to see the majority of its gains this cycle.

On Aug. 3, the trader took to X (formerly Twitter) to reiterate his bullish sentiment on BTC.

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Credible Crypto: Bitcoin still to see “biggest upside moves”

After more than a month of being confined to a tight trading range, traders have become impatient with Bitcoin.

Expecting BTC prices to test levels close to $25,000 or even lower, Credible Crypto has a different opinion.

By analyzing data, such as Bitcoin’s market cap dominance and its relative strength index (RSI), he concluded that the conditions had been reset.

“The largest gains for BTC are YET TO COME,” he summarized.

RSI measures the strength of an asset’s price at a certain point and is currently consolidating on a daily basis after Bitcoin’s July peak to its one-year high failed to hold.

Credible Crypto is known for his optimism when it comes to Bitcoin’s development in the coming year and beyond.

As Cointelegraph reported in June, he predicted that BTC/USD would need only four months to challenge its current all-time highs of $69,000 seen in November 2021.

“I am not saying we MUST reach new all-time highs by October, I AM saying I do think we will reach new ATH by the end of this year and if someone forced me to pick a month in which I think this will occur it would be October. Let’s see how things play out,” he wrote at the time.

In a recent video update in late July, he made a fresh reference to Bitcoin’s upcoming “parabolic advance” to surpass those highs.

“Early bull market price action, period”

CryptoCon, another trader, also highlighted RSI over longer timeframes to support a bullish outlook on BTC prices.

“It’s amazing that Bitcoin bears and recessionists are still so adamant just below the yearly highs!” wrote X in a post on August 3, adding that those bears had “no patience.”

The accompanying graph showed RSI highs and lows over the years, with current conditions similar to those before the breakout.

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