Bitcoin Price Prediction: Explosive Movement Expected by End of 2024

According to a recent analysis, Bitcoin (BTC) is expected to show an ‘explosive movement’ by the end of 2024, with a potential intermediate target of $85,000. This prediction is based on recent BTC price trends and technical indicators.

Cryptocurrency trader, investor, and analyst, Titan of Crypto, presented the $85,000 target through X-Post, citing a 35% increase as the ‘interim target’ for BTC/USD.

#Bitcoin $85,000: Intermediate Target 🎯

The Weekly RSI breakout signals an explosive move by the end of the year for #BTC. 🚀 pic.twitter.com/M7slgFSCop

— Titan of Crypto (@Washigorira) September 21, 2024

Bitcoin is currently holding the $62,000 level as the week ends. Titan of Crypto presents a weekly chart of Bitcoin’s Relative Strength Index (RSI) that suggests the market is heading towards a new all-time high.

“Bitcoin $85,000: Intermediate Target,” he wrote, explaining that “the weekly RSI breakout suggests an explosive move for BTC by the end of the year.”

RSI is a traditional technical analysis indicator used to identify uptrends or downtrends at specific price points. The weekly RSI is currently showing a breakout from the downtrend that began in March. Titan of Crypto predicts that if September ends with a bullish candle, the uptrend will continue throughout Q4.

“Historically, when September ends on a bullish note, the fourth quarter tends to be bullish,” he said in another X post. “If we close above $59,000 this month, we should see a bull market through the end of the year.”

Another popular trader, Skew, stressed that further confirmation of Bitcoin’s price strength is needed. “It looks very good from a technical perspective,” he told X followers, but that it needs to form higher highs and lows on the daily timeframe.

Skew sees $61,000 as support, concluding that “holding the $61,000 level will be the clear benchmark for the market.”