- An analyst predicted an all-time high of $73,794 for Bitcoin before the end of 2024.
- The flagship crypto dropped below $50,000 in August but has gained bullish momentum.
- DXY indicator shows a bearish setup as it approaches the overbought zone on the RSI metric.
A cryptocurrency analyst predicted that Bitcoin would reach an all-time high of $73,794 this quarter. In his podcast , Thinking Crypto, the analyst highlighted various indicators that suggested a momentum build-up in the crypto market.
Bitcoin has maintained a bullish outlook despite failing to fulfill most crypto users’ expectations in October. At the time of writing, the BTC was trading at $64,103, having recorded a 30% recovery from its pullback from its March all-time high. The flagship crypto dropped below $50,000 in August but has gained bullish momentum.
Read also: Bitcoin Bull Cycle: Double Peak Pattern Suggests Further Gains
The analyst suggests that traders can use these pullbacks as opportunities to “buy the dip.” He also cites another analyst, Cryptowzrd, who calls Bitcoin’s current movement a “golden trap,” stating that gold is paving the way for Bitcoin and that a parabolic rally is underway.
DXY: Bearish, Avalanche: Bullish
Besides Bitcoin, the ‘Thinking Crypto’ analyst pointed out that the Dollar Currency Index (DXY) indicator shows a bearish setup on the daily chart as it approaches the overbought zone on the RSI metric. The DXY is an indicator used by traders to predict market trends. Typically, the DXY correlates inversely with risk assets like cryptocurrencies and the stock market. By displaying a bearish setup, it suggests that the crypto market may be aligning for an upward rally.
Read also: Altcoin Rally: AVAX Targets $33, TON Eyes $6.33, and WIF Poised for 145% Gain
Moving his focus on the Avalanche ecosystem, the analyst highlighted a bullish momentum. He stated that the gaming protocol in the blockchain’s ecosystem is performing well. According to the analyst, following its early access release, the Avalanche-based battle royale shooter “Off The Grid” saw notable traction on the Epic Games Store.
The game, which pits players against each other, introduced a marketplace within the Avalanche ecosystem, opening up secondary and tertiary markets offering validity and trust. This innovation has boosted AVAX’s adoption, leading to a 20% price rally in the last five days.
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