- If Bitcoin can continue its strong upward trend, mainstream media will increasingly struggle to ignore it and generate fewer reasons to prevent average individual investors from buying.
- In order for RSI (momentum indicators) to be reset, it had to move downwards and sideways for the past few days.
- Many commentators and analysts may expect prices above $100,000 for this cycle, but it is good to take a look at decreasing peaks over time for Bitcoin.
With Bitcoin gaining strength above $30,000, another strong upward movement may be on the way.
The Perception of Bitcoin as a Safe Haven Can Strengthen
Despite all the attacks by governments and financial institutions, Bitcoin clearly provides a safe haven for the public’s wealth outside the rapidly collapsing fiat financial system, which is its main purpose.
What is truly sad is that the mud thrown at the crypto sector by mainstream media on behalf of banks clearly shows that the public does not trust one of the few life-saving tools they can rely on.
However, if Bitcoin can continue its strong upward trend, mainstream media will increasingly struggle to ignore it and generate fewer reasons to prevent average individual investors from buying – unless the SEC (Securities and Exchange Commission) has not destroyed all entry/exit points for banks.
Rising Momentum is Accelerating
Momentum indicators are starting to work in favor of Bitcoin. The significant price increase from around $24,800 to approximately $31,400 was not something that could be sustained, and Bitcoin had to move downwards and sideways for the past few days in order for RSI (momentum indicators) to be reset.
This occurred for both the short-term 4-hour and 8-hour time frames, and the 12-hour time frame is also moving downwards. Looking at the long-term weekly time frame, we see that the weekly Stochastic RSI has crossed upwards and surpassed the 20 level, indicating strong upward momentum.
From a more macro perspective, the weekly candle closing above the $30,000 price level was an extremely bullish sign for Bitcoin. It can be said that this is significant in terms of surpassing an important level that has served as support and resistance since the beginning of 2021.
Many commentators and analysts may expect prices above $100,000 for this cycle, but it is good to take a look at decreasing peaks over time for Bitcoin. This indicates a peak of approximately $100,000, which is much less than what many people predicted.
