Here's How Bitcoin May Reach $24,000, Analyst Explains

Analyst Ali Martinez has shared a chart, showing how Bitcoin may be propelled toward the $24,000 price line from the current $20,658 level.

"Bitcoin is gaining strength," "an upswing to $24,000" may occur

Ali Martinez believes that Bitcoin is becoming stronger at the moment, analyzing a BTC chart, as the weekly BTC RSI has moved up above 37.

Once a "sustained move" above the 21-week moving average takes place, this may lead to a rise to the 200-week MA at the $24,000 level, Ali believes.

#Bitcoin | The TD Sequential buy signals appear to have been validated.

With the weekly $BTC RSI moving above 37, it looks like #BTC is gaining strength. A sustained move above the 21-week MA could trigger an upswing to the 200-week MA at $24,000. https://t.co/eYBb7oDRTP pic.twitter.com/fsO0hRzwY0

— Ali (@ali_charts) October 26, 2022

As reported by U.Today earlier this week, prominent trader Scott Redler tweeted that it is time for the largest digital currency on the market to surge a little higher.

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Bitcoin may stay in $17,600-$25,000 range

According to Bloomberg, a recently conducted MLIV Pulse survey shows that investors expect Bitcoin to continue trading in the range between $17,600 and $25,000 this year. Besides, they believe that the recent investigations of the SEC against several crypto platforms, two of which have gone bankrupt — Celsius, Three Arrows Capital and Yuga Labs — would have a positive effect on the crypto space as a whole.

Respondents believe that the space will become safer and generally "better off" with a larger amount of regulation added to it.