A financial expert is predicting a major surge in Bitcoin’s price, possibly as high as 60%. This prediction is based on three key technical indicators that have historically signaled big price increases.
The Signs are Aligned
- Relative Strength Index (RSI): This indicator measures whether an asset is overbought or oversold. Bitcoin’s RSI is currently showing strong bullish momentum.
- Moving Average Convergence Divergence (MACD): This indicator is used to identify potential trend reversals. The MACD is currently showing a bullish crossover, indicating a shift from bearish to bullish market conditions.
- Relative Vigor Index (RVGI):
This indicator measures the strength of price movements. The RVGI is also showing a bullish crossover, suggesting a strong bullish undertone.
History Repeats Itself?
This combination of indicators has been seen before, and each time it has led to significant Bitcoin price rallies. In the past, these signals have been followed by increases of over 300%, 800%, 70%, 64%, and 176%.
A Blow-Off Top?
The expert believes that this pattern could lead to a “blow-off top” – a rapid and intense price increase. He predicts that Bitcoin could reach between $115,000 and $120,000 in this scenario.
Recession Ahead, Bitcoin Boom First?
Interestingly, the expert also predicts a US recession. However, he believes that the recession will be preceded by a surge in financial markets, including a major Bitcoin rally.
