Cryptocurrencies

Bitcoin (BTC) Prepares for Ideal Conditions for Another BTC Price Breakout, Two Indicators Indicate

Bitcoin (BTC) is preparing the ideal conditions for a new breakout in BTC prices, two classic indicators indicate.

In a recent analysis on X (formerly Twitter), popular trader Roman revealed a bullish continuation case in the making for BTC/USD.

Trader: Watch the weekly BTC price close for key signals

Despite the disappointment that hit investors for most of June, Bitcoin remains a strong bet on longer time frames, where the outlook looks much better.

Some argue that Bitcoin price action is simply consolidating below its all-time highs in what is considered classic bull market behavior, which could last for months.

However, for Roman, a return to the good times we witnessed could be imminent.

Pointing to the Relative Strength Index (RSI) and Bollinger Bands on the weekly chart, expect higher pressure as the logical next step for Bitcoin price action.

“We are now forming a third bullish divergence between P Rice and the RSI as many give up and call for a decline,” he wrote on June 21.

“The Bollinger bands are also narrowing, creating this volatility to send without return.”

BTC/USDT chart with Relative Strength Index (RSI) and Bollinger Bands data. Source: Romain/X

The attached chart shows that the RSI made higher lows while the price made higher lows. This, combined with the narrowing of the Bollinger bands, can lead to significant volatility.

In a later article, Roman noted that the target for such a rise could be a new all-time high.

“You should all pay attention to that 1W shutdown,” he told X subscribers on June 22.

“We are forming more bullish continuation indicators on HTF. Once the volatility is increased, we can finally send fully to 90,000+.

BTC/USD weekly chart with Bollinger Bands indicator. Source: Commercial View

Bitcoin bulls face reality

As Cointelegraph reported, other Bitcoin price predictions are struggling to be made on time.

Related: See These BTC Price Support Levels as Bitcoin Price Falls Below $64,000

June’s $80,000 mark is just a week away, while another forecast from May predicts it will hit $95,000 in one fell swoop.

“I have always said that I believe in an upward breakout of this Bitcoin range and I still maintain that,” continued another popular trader, Daan Crypto Trades, on the subject in part of an article X this weekend.

“I don’t know exactly when it will happen, but I doubt it will take all summer either. I’m referring here to the range of $59,000 to $74,000.

He added that macroeconomic conditions – with US stocks hitting record highs and bond yields falling – were leading to strong performance for Bitcoin prices.

“This has always been a good environment for Bitcoin and USD cryptocurrencies to flourish, but sometimes it takes a while for cryptocurrencies to catch up,” the post read.

“When it happens, it’s usually in a spectacular way.”

BTC/USD daily chart. Source: Commercial View

BTC/USD is trading at around $64,300 at the time of writing, according to data from Cointelegraph Markets Pro and TradingView.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research before making a decision.

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