Bitcoin Poised for New All-Time High, Analyst Says Price Discovery is Final Hurdle
Bitcoin is on the cusp of reaching a new all-time high, with analysts pointing to key technical indicators suggesting a breakout is imminent. the price of Bitcoin (BTC) recently hit $119,500, fueling optimism within the crypto community. Now,a daily close above $118,000 is all that stands between the leading cryptocurrency and a new peak,according to one trader.
The potential for a new high comes as Bitcoin demonstrates strong bullish momentum, despite recent signals of overbought conditions. This surge impacts a broad range of investors, from long-term holders to those newly entering the market, with the potential for significant gains if the price continues its upward trajectory.
earlier signals from the Relative Strength Index (RSI) showed the indicator entering “overbought” territory on short timeframes. On the four-hour chart,RSI reached 82.3 – its highest level as mid-July.However, Caleb Franzen, creator of financial research resource Cubic Analytics, believes previous bullish divergences suggest new all-time highs are still probable.
“After all of the bullish RSI divergences on 1, 2, and 4-hour timeframes, I think this will happen sooner than later,” Franzen posted on X.
Franzen also noted that BTC/USD has crossed its anchored volume-weighted average price (AVWAP), a metric representing the average price weighted by volume over a specific period. He concluded that “price discovery” is now the “only thing missing” from the bullish outlook.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk,and readers shoudl conduct their own research when making a decision.
