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Bitcoin (BTC) appears to be preparing for another huge rally. While the BTC price has already rebounded after the previous crypto crash, some analysts are anticipating more gains from the coin. For instance, crypto analyst Ali Martinez has predicted a major breakout for Bitcoin.
He tweeted that BTC has been showing signs of this potential breakout. Martinez thinks that Bitcoin is now heading toward the $67,000 target. From the technical standpoint, the analyst explained that the RSI of Bitcoin has broken the descending trendline.
This means that the Bitcoin price now has to go above the $66,450 level to officially confirm the start of this potential bullish breakout. The chart shared by Martinez clearly shows that the RSI has crossed the 50 level as it broke the descending line on the one-hour chart. It suggests that BTC is now ready to initiate upward movement.
Broader outlook
As of writing time, Bitcoin is trading at $66,537.83, after a decrease of 0.18% in the last 24 hours. This means that BTC has managed to clear the $66,450 price level. As suggested by Ali Martinez, the Bitcoin price breakout is likely in the cards today. Bulls also appear to be supporting this move, keeping bears out of the picture.
Meanwhile, more signals are emerging regarding this potential rally. Per TradingView, the Bitcoin price is currently trading above its 200-day Exponential Moving Average (EMA) and Simple Moving Average (SMA). These levels provide us with a clear overview of the broader potential of Bitcoin.
As the coin is trading above these levels, it means that the broader outlook is already bullish for it. Coupled with the rising RSI, it is now highly likely that Bitcoin may head toward the $67,000 target. If it manages to do it, BTC may then eye the $69,000 resistance level and aim to clear it to hit higher levels.
Arman Shirinyan
Alex Dovbnya
Dan Burgin