A popular crypto analyst, Rekt Capital, is predicting a potential Bitcoin (BTC) price surge. Their analysis suggests Bitcoin is showing signs of a bullish reversal.
Bullish Signals
Rekt Capital, who boasts a large following on X (formerly Twitter), points to several technical indicators suggesting a positive shift. Key among these is a bullish divergence in the Relative Strength Index (RSI). This means the RSI is trending upward while the Bitcoin price remains flat or even dips slightly – a classic sign that a price reversal might be imminent. Similar divergences, according to the analyst, preceded previous Bitcoin price increases in August 2024, August 2023, and November 2022. Rekt Capital highlights the formation of “Higher Lows” on the RSI while the price forms “Lower Lows,” further supporting this bullish divergence.
Breaking the Trend
The analyst further explains that a decisive break above a key resistance level, around $82,000, would confirm the bullish trend. A successful retest of this level as support, coupled with the ongoing RSI Higher Low, strengthens this prediction. Bitcoin needs to break through a significant downward trend line (depicted in blue on the analyst’s chart) to fully confirm the bullish divergence and subsequent price increase.
Current Price Action
At the time of writing, Bitcoin is trading slightly above this crucial downward trend line, at approximately $84,789, hinting that the predicted reversal might already be underway.
Disclaimer: This information is for general knowledge and does not constitute financial advice. Always conduct thorough research and consider your own risk tolerance before making any investment decisions.
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