Bitcoin $110,781.07The price has reached a new record level by making a strong attack in recent years. According to the analyst Credible Crypto, who has a large audience, this can be a harbinger of a greater rise. The analyst, who shared his views on the social media platform X, claimed that Bitcoin had entered the last and hardest stage in the bull cycle. According to technical analyzes based on Elliott wave theory, a paraboolic rise is now a matter of time.
According to the analyst, Bitcoin entered the summit path
Credible Crypto says technical indicators indicate that the upward movement has not yet ended in Bitcoin. On a monthly basis, the RSI (the relative power index) again entered the extreme purchase zone and attracted the attention of the analyst. RSI values over 70 levels show that there are strong procurement pressure in the market. Analyst recalled that such signals were seen before the major price explosions in the past. Emphasizing that RSI rises in a similar way during the parabolic increase in 2017, Credible Crypto said that a similar scenario could be experienced again.
Pointing out to the current levels of RSI, the analyst says that this indicator suggests that a serious momentum is in the market. Compared to the past data, it is seen that Bitcoin has made thousands of dollars increases during the periods when RSI rose in this way. According to Credible Crypto’s data, when the RSI has switched to the Extreme Purchase zone in the past, the monthly closures increased by $ 22,200 and $ 33,000, respectively. For this month, 10 days before the closing price increase has reached $ 18,000. This strengthens the idea that new records can come in the coming days.
Technical signals guide investors
Bitcoin’s current price is $ 111.296. The general expectation is that the price will continue to rise by maintaining the current acceleration. Technical analysis tools, especially in bull cycles, can offer net signals to investors. In addition to oscillators such as RSI, methods of analysis such as Elliott wave theory give strong clues about the future movements of the market. Analysts make predictions about the direction of prices using these indicators.
While Credible Crypto’s comments attract investors’ attention, experts remind you that the market should be cautious about the volatility. Although technical data supports upward expectations, sudden changes can be experienced by the nature of crypto money markets. Therefore, it is recommended to avoid emotional reactions and act based on objective data in investment decisions. Finally, it is important that investors follow the market regularly and always take positions considering the risks.
Responsibility Rejection: The information contained in this article does not contain investment advice. Investors should be aware that crypto currencies carry high volatility and thus risk and carry out their operations in line with their own research.
