Highlights:
Bitcoin targets a resurgent $120,000 as bullish momentum persists during Wall Street’s opening.
Traders are enthusiastic about potential price discovery, seeing it as increasingly achievable.
RSI is rising alongside the price without triggering a sustained retest of support.
Bitcoin (BTC) neared the $120,000 mark at Thursday’s Wall Street open, as negative BTC price trends paved the way for potential all-time highs “next.”
Bitcoin traders gear up for price exploration
Data from Cointelegraph Markets Pro and TradingView indicated a 1% gain for BTC/USD on the day.
With no significant pullbacks overnight, the pair solidified support, inching closer to price exploration after over six weeks.
Notably, trader and analyst Rekt Capital emphasized that even a consolidation phase may just retest $117,000.
“Bitcoin has Daily Closed above $117.3k (blue),” he noted alongside an illustrative chart on X.
“Any dips into blue, if necessary, would signify a post-breakout retest to fully confirm re-entry into the blue-black range of $117.3k-$120k.”
Trader Jelle was also optimistic about a fresh upward motion from the new support.
“So far, Bitcoin is behaving exactly as anticipated,” he shared with X followers, updating a strategy that marked $118,000 as the pivotal level for breakthrough.
“If we hold $118k, new all-time highs are imminent. Uptober has arrived.”
Trader BitBull pointed out that the past six weeks of corrective pricing behavior appear to have concluded.
“$BTC has now established a higher high on the daily chart. This indicates that the downtrend has ended,” he observed.
“All I’m looking for now is a daily close above $118K, and a new ATH will follow swiftly.”
BTC price all-time high “the last piece missing”
Earlier reports from Cointelegraph highlighted early signs from the relative strength index (RSI), which had entered “overbought” territory on shorter timeframes.
Related: Bitcoin’s next ‘explosive’ move targets a $145K BTC price: Analysis
On the four-hour chart, the RSI made a slightly higher high, reaching 82.3 — marking its most “overbought” status since mid-July.
Discussing the RSI, Caleb Franzen, founder of Cubic Analytics, argued that new all-time highs remain likely due to previous bullish divergences.
“Thanks to numerous bullish RSI divergences on various timeframes, I believe this will materialize sooner rather than later,” part of an X post stated.
Franzen also noted that BTC/USD had surpassed its anchored volume-weighted average price (AVWAP), which reflects the average price weighted by volume over a designated timeframe.
In conclusion, he noted that price discovery is now the “only thing missing” from the bullish outlook.
This article does not provide investment advice or recommendations. Every investment and trading move carries risks, and readers should conduct their own research before making decisions.
