Analysts say bitcoin about the cusp of the most offensive expansion since its founding

Widely following analysts and traders believe Bitcoin (BTC) will be even higher after it recently hit a new all-time high.

The analyst known as the trusted Crypto tells 467,200 followers on social media platform X that Bitcoin is currently in the final stages of the bullish cycle.

The trustworthy code that regularly applies Elliot's theory of waves in his technical analysis says that Bitcoin is in the final wave of major bullish trends. Elliott Wave theory states that the main trend in asset prices moves in a five-wave pattern, with modifications occurring in a three-wave pattern.

“Regardless of how this month is closed, the fact that our monthly relative strength index (RSI) is being pushed into the territory where it was acquired means once again that things are about to become stupid.

The final fifth (wave) is on track, and we are quickly beginning to become parabolic, approaching the point where we start to witness blow-off tops we've never seen since 2017.

This will be the most aggressive expansion we have seen in Bitcoin since its inception. ”

The RSI is a kinematic oscillator calibrated from zero to 100, indicating conditions purchased above 70 and readings for signaling excess conditions below 30.

According to pseudonym analysts, Bitcoin recorded a significant price increase when RSI readings in the monthly time frame reached an overbuy level.

“The last two times we did this, the monthly candles that smashed us into the territory where we were bought were $22,200 and $33,000, respectively.

Will this third monthly candle grow even bigger? Currently, it costs $18,000 in about 10 days until the end of each month. ”