Is Bitcoin about to skyrocket 1,100%? Expert analysis – Finbold – Finance in Bold


The majority of assets in the cryptocurrency sector have started off the week on a very positive note, led by the flagship decentralized finance (DeFi) asset, Bitcoin (BTC), which has long surpassed the critical psychological threshold of $28,000 and some believe its push upward could get even stronger.
As it happens, pseudonymous crypto trading analyst Cryptoinsightuk noted the last five occasions when Bitcoin’s weekly relative strength index (RSI) indicator crossed above the 50 mark (green) and then fell back below this level (red), according to the analysis shared in an X post on October 2.
Taking into account these movements, the crypto expert has concluded that the “average move comes out to 1,100%,” which could be possible for Bitcoin “in the right circumstance with a supply squeeze,” as well as the introduction of a spot Bitcoin exchange-traded fund (ETF).
On the other hand, Cryptoinsightuk admitted that there were arguments against such a conclusion, but even if that were the case, Bitcoin could still make a powerful move toward surpassing an impressive price threshold of $100,000:
“You could argue the 2015 to 2018 push was an anomaly, and we cannot replicate something like this. Without these values, we would average 278%, which would take us to $105,000 for Bitcoin.”
As things stand, Bitcoin is currently changing hands at the price of $28,262, which represents an increase of 4.07% on the day, an 8.38% gain across the past week, as well as a 9.55% growth over the last month, according to the most recent charts retrieved on October 2.
Considering the price of Bitcoin at press time, the maiden cryptocurrency making a massive upward move of 1,100% would lead it to well above $310,000 – not just a new all-time high (ATH) but surpassing the expectations of most finance experts and investors, including those by popular trader and analyst Michaël van de Poppe.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

Best Crypto Exchange for Intermediate Traders and Investors
Invest in 70+ cryptocurrencies and 3,000+ other assets including stocks and precious metals.
0% commission on stocks – buy in bulk or just a fraction from as little as $10.
Copy top-performing traders in real time, automatically.
Regulated by financial authorities including FCA and FINRA.
Copyright © 2023 FINODES LLC. All rights reserved. Use of this site constitutes acceptance of our Terms of Service.
WARNING: The content on this site should not be considered investment advice. Investing is speculative. When investing your capital is at risk. This site is not intended for use in jurisdictions in which the trading or investments described are prohibited and should only be used by such persons and in such ways as are legally permitted. Your investment may not qualify for investor protection in your country or state of residence, so please conduct your own due diligence. This website is free for you to use but we may receive commission from the companies we feature on this site.


Leave a Reply

Your email address will not be published. Required fields are marked *