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Is Bitcoin about to skyrocket 1,100%? Expert analysis

Is Bitcoin about to skyrocket 1,100%? Expert analysis

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).

Bitcoin price action analysis. Source: Cryptoinsightuk

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.”

Bitcoin price analysis

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.

Bitcoin 7-day price chart. Source: Finbold

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.

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