10x Research: Indicators Still Bullish, Bitcoin Predicted to Soar Sharply This Weekend

Bittime - 10x Research, a leading cryptocurrency analysis firm, has been observing Bitcoin's movements over the past few weeks. They noted that after a two-week bearish period, Bitcoin showed signs of trend reversal at the weekend. This is good news for Bitcoin investors. According to 10x Research, Bitcoin is predicted to experience a sharp rise this weekend, which marks the end of the first quarter of 2024. 

Optimism Soars

After two weeks of bearish sentiment (price decline), Bitcoin showed bullish signs (price increase) over the weekend. 10x Research hints at the potential for an imminent price increase. Sure enough, Bitcoin managed to rally (rise) by 6% as selling pressure faded and optimism returned to the market.

Check Today's Crypto Market:

BTC Price Today

Source: Bittime

Based on today's Bittime market, BTC prices were observed to have increased by 5.07 percent in the last 24 hours. Currently the price of BTC to IDR is IDR 1,116,648,298.

Aggressive Rise at the Start of the Week?

10x Research predicts Bitcoin will undergo consolidation over the next few days to maximize the buy signal from their reversal indicator. However, it should be noted that the end-of-quarter momentum continues to trigger predictions of aggressive price increases earlier this week.

Three Bullish Reversal Indicators

10x Research uses three reversal indicators to analyze Bitcoin movements, namely:

• Relative Strength Index (RSI): RSI shows the momentum of price movements. When the RSI is oversold (below level 30), this can signal a potential bullish reversal.
• Moving Average Convergence Divergence (MACD): MACD shows the relationship between two moving averages (MA) and can help identify bullish and bearish trends.
• Stochastic Oscillator: The Stochastic Oscillator shows whether an asset is overbought (bought too much) or oversold (sold too much). When the Stochastic Oscillator is oversold, it can signal a potential bullish reversal.

These three reversal indicators show bullish signals at this time, which strengthens predictions of Bitcoin price increases. 

Also Read: What are the Concepts of Bullishness and Bearishness in Cryptocurrency?

Supporting Factors for Price Increases

Apart from the reversal indicator, several other factors support predictions of Bitcoin price increases:

• End of Quarter: Typically, the end of a quarter triggers higher trading activity in financial markets, including cryptocurrency markets.
• Increased Adoption: More companies and institutions are starting to adopt Bitcoin, which increases demand and drives up the price.
• Economic Stimulus: Economic stimulus policies launched by governments in various countries can increase the flow of funds into the cryptocurrency market.

Also Read How to Buy Crypto:

Crucial Level $68,000

Even though bullish sentiment is currently dominant, $68,000 is a crucial level that investors need to pay attention to. A price decline past this level could change the direction of the trend to bearish and cancel predictions of a sharp price increase at the end of this week.

This means that as long as the Bitcoin price does not break through the support level of $68,000, optimism regarding the price increase can still be maintained.

Check Crypto Prices Today:

How to Buy Crypto with Bittime

You can buy and sell crypto assets in an easy and safe way via Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

To be able to buy crypto assets on Bittime , make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. Learn Complete Guide How to Buy Crypto on Bittime . 

Monitor price chart movements of Bitcoin (BTC) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.

Also Read: 

How to Earn Crypto Passive Income in a Bearish Market?

Bitcoin Breaks $68,000, Bullish Again, $100,000 Reached Soon?

Examining Bitcoin's Prospects in 2024, Bullishness Increasingly Real?

DISCLAIMER : This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.