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DailyBubble News

10x Research Reveals Next Steps From Here

Crypto research platform 10x Research recently reported that the Bitcoin Relative Strength has surged to 40%, indicating potential future moves for the leading cryptocurrency. In their newsletter titled “Fake Dip?” 10x Research highlighted that Bitcoin has historically seen potential rallies when its relative strength index (RSI) drops to 40%, suggesting a possible upcoming rally following its recent decline.

The platform warned that the $62,000 mark could act as a barrier to prevent Bitcoin from rallying, but the cryptocurrency has already surpassed this level, indicating a positive sentiment. Additionally, 10x Research identified four bullish events that could trigger a sustained rally for Bitcoin, including developments such as Treasury Secretary Janet Yellen’s proposal for uncapped deposit insurance and applications for Spot Bitcoin ETFs by BlackRock and Franklin Templeton.

Andrey Stoychev, Head of Prime Brokerage at Nexo, also emphasized the need for a catalyst to drive Bitcoin’s upward movement, predicting that without such a catalyst, Bitcoin would likely trade around $67,000. While 10x Research’s trend model suggests a downtrend for Bitcoin, they are not ruling out the possibility of a bullish reversal and expressed willingness to buy the dip in case of significant price drops or rallies.

Crypto analyst Mikybull Crypto and Ali Martinez both anticipate Bitcoin reaching new highs, with Martinez suggesting a potential market top over 500 days away from the current cycle. Martinez also mentioned that Bitcoin could achieve a new all-time high of $92,190 if it surpasses the resistance at $69,150, echoing sentiments from PlanB who believes Bitcoin hitting $100,000 this year is inevitable.

As of the latest update, Bitcoin is trading around $63,500, showing a 7% increase in the last 24 hours according to CoinMarketCap data. The chart from Tradingview.com indicates a recovery in BTC price above $63,000, further supporting the potential for future bullish movements.

Please note that this article is for educational purposes only and does not reflect the views of NewsBTC. It is essential to conduct your own research before making any investment decisions, as investing carries inherent risks. Use the information provided here at your own discretion.

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