Popular analyst Egrag Crypto pointed to an important indicator for Bitcoin’s upward movement. In a recent X post, the analyst highlighted that it is crucial for Bitcoin (BTC) cycle for the Relative Strength Index (RSI) to rise to above 80 to indicate an uptrend. Yet, in the current cycle Bitcoin’s RSI never quite made that critical breakout.
As Egrag Crypto has highlighted, the decentralization must be followed by the RSI crossing the 80 mark in order to result in the market being blown to smithereens. At present, the cryptocurrency has not attained this figure; therefore, the market is esperantly waiting. Egrag Crypto concludes his observation with a simple yet profound statement: TIME WILL TELL .”
Bitcoin Consolidation Preps For Standard Bull Run?
Another popular crypto analyst has shared his insights in a recent X post regrading Bircoin. Rekt Capital agrees with Price Vision stating that the current consolidation is positive for the long-term market cycle. He points out the fact that BTC has not the breakout in such an early period of the post-halving period.
According to Rekt Capital, if it BTC were to break out too early, the overall cycle of the market would be advanced to the degree that the bull market itself is shortened. In his view, this kind of consolidation is enabling the range to trending back to typical and definitive historical Bitcoin halving periods, thus preparing the ground for a more standard bull run.
The analysis of Egrag Crypto and Rekt Capital gives the overall view of the Bitcoin’s positioning within the market cycle. Egrag Crypto stresses on the need of the RSI to reach a certain point, Rekt Capital, on the other hand, shares bullish sentiments brought about by the extended period of consolidation Bollywood.
The discussion among analysts also underlines the volatility and randomness of the Bitcoin’s price dynamics. While traders and investors focus on these perspectives, the Bitcoin community questions whether the RSI results will go further than 80, which will result to another svae and sharp increase in the BTC/USD, or the market would consolidate, awaiting a classic bull market.