A well-known cryptocurrency analyst, Rekt Capital, is predicting a Bitcoin price surge. Their analysis centers around a key technical indicator suggesting a bullish trend.
RSI Breakout: A Bullish Signal?
Rekt Capital, boasting over 107,000 YouTube subscribers, points to the Relative Strength Index (RSI) as the key. This indicator helps determine if an asset is overbought or oversold. The RSI has been in a downtrend since mid-November 2024, but Rekt Capital says it’s now breaking out. This breakout, after a five-month downtrend, is a strong sign of potential upward momentum for Bitcoin. The analyst sees this as a “hidden sign of emerging strength.”
Breaking Through Resistance
Rekt Capital also believes Bitcoin could soon surpass the $88,500 resistance level. Reclaiming this level would put Bitcoin closer to its previous accumulation range around $100,000. Despite many calling this a bear market, the analyst sees similarities to past periods of downside deviation, suggesting a potential turnaround.
Current Bitcoin Price and Disclaimer
At the time of writing, Bitcoin is trading at $83,998, down slightly over the past 24 hours. Remember, this is just one analyst’s opinion. Investing in cryptocurrencies is inherently risky, so always do your own research before making any investment decisions.
