Bitcoin (BTC) is setting the stage for a new breakout in its price, as indicated by two key indicators.
In a recent analysis on X (formerly Twitter), well-known trader Roman pointed out a potential bullish trend for BTC/USD. Despite a disappointing performance in June, many believe that Bitcoin remains a strong investment on longer timeframes, with a positive outlook.
Some argue that BTC’s price action is currently consolidating below all-time highs, displaying typical behavior of a bull market that can last for several months. However, Roman believes that a return to better times may be on the horizon.
Highlighting the Relative Strength Index (RSI) and Bollinger Bands on the weekly chart, he suggested that a higher squeeze is the next logical step for BTC’s price action.
An accompanying chart illustrated that the RSI was making lower lows while the price was making higher lows, and combined with the narrowing Bollinger Bands, this could lead to significant volatility.
In a subsequent post, Roman indicated that the target for this upward move could potentially reach new all-time highs.
Despite these positive indicators, BTC price predictions face challenges to come true within the expected time frame. The current market environment, with United States equities reaching record highs and bond yields dropping, however, is conducive to a strong performance for BTC.
At the time of writing, BTC/USD was trading around $64,300. It’s important to note that this article does not provide investment advice, and readers should conduct their own research before making any investment decisions.