In the last 24 hours, Bitcoin (BTC) has gained over $2,000, climbing from a low of $105,400.23 to over $107,500. Amid this rally signal, PlanB, a prominent Bitcoin analyst and founder of S2F, has dropped a bullish prediction.
Bitcoin RSI retest could spark major bullish rally
In a post supported by a chart of the Bitcoin Relative Strength Index (RSI), PlanB suggests that Bitcoin could soar as high as $130,000 before the end of June 2025. He highlighted that the leading digital currency could easily achieve this if its RSI retests 75.
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Notably, RSI, a technical indicator of an asset, could provide insight into it. Generally, an RSI above 70 signals that an asset is overbought.
However, Bitcoin has been known to defy traditional thresholds. However, based on historical data, Bitcoin is known to hit an RSI of 75 under strong bullish conditions. Hence, if history repeats itself in June, as projected in his chart, Bitcoin could peak at $130,000 at the end of June.
As of press time, Bitcoin was changing hands at $107,770.56, representing a 1.91% increase in the last 24 hours. Investors remain active as trading volume has registered a significant 23.77% spike to $45.48 billion within the same time frame.
$1 billion in fresh USDT spur Bitcoin market momentum
The broader crypto market is also registering increased activity, as stablecoin giant Tether has minted an additional $1 billion USDT. This followed the over $2,000 gain recorded by Bitcoin in the last 24 hours, suggesting that there is a growing demand for USDT to purchase BTC on the crypto market.
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Interestingly, Bitcoin bounced from the $105,000 zone and surged past $106,500 as soon as the freshly minted USDT hit the blockchain.
Meanwhile, as Bitcoin gains value, Max Keiser, a Bitcoin advisor to President Nayib Bukele of El Salvador, has identified a fiat currency crashing against BTC. Keiser pointed out that the Turkish lira has rapidly plummeted to zero against Bitcoin.