A well-known cryptocurrency analyst, Rekt Capital, is predicting a potential Bitcoin price surge. Their analysis suggests a bullish reversal might be on the horizon.
Bullish Divergence Spotted
Rekt Capital, boasting a large following on X (formerly Twitter), points to a bullish divergence in Bitcoin’s Relative Strength Index (RSI) on the daily chart. This divergence, where buying pressure increases even as the price stays flat or dips, is often seen as a signal of an upcoming price reversal. The analyst believes that Bitcoin reclaiming the $84,000 level could solidify this bullish signal.
Seller Exhaustion and Weakening Resistance
The analyst also notes a significant decrease in selling volume over the past few days. This suggests sellers are losing steam, creating an opening for buyers to step in. Additionally, the resistance level around $84,000 appears to be weakening after repeated tests, potentially turning into support soon. A daily close above $84,000 could trigger a further price increase, according to Rekt Capital.
Current Price and Disclaimer
At the time of writing, Bitcoin is trading around $83,150. It’s important to remember that this is just one analyst’s opinion and cryptocurrency investments are inherently risky. Always do your own research before investing.
