Bullish Signal Emerges for Bitcoin: Analyst Eyes $100K Price Range
The analyst, known as Rekt Capital, highlighted a key indicator showing bullish momentum for Bitcoin.
Rekt Capital pointed to the Relative Strength Index (RSI) as a crucial signal for BTC’s price action. The RSI, a tool used to gauge whether an asset is overbought or oversold, is now breaking free from a prolonged downtrend. This shift suggests that Bitcoin may be gearing up for a price surge.
The RSI typically ranges from 0 to 100, with readings above 70 indicating overbought conditions and those below 30 signaling oversold territory. According to Rekt Capital, the RSI has been on a daily downtrend since mid-November 2024, making its recent breakout particularly significant. He believes this could be an early indication of renewed strength for Bitcoin, as the RSI seems poised to enter a new upward trend after months of decline.
Additionally, the analyst foresees Bitcoin potentially pushing past the $88,500 resistance level soon. If this occurs, he predicts that BTC could move closer to reclaiming the $100,000 range, marking a return to a more favorable market environment. Despite some labeling the current phase as a bear market, Rekt Capital compares it to previous downturns, suggesting that this could be a temporary deviation rather than a lasting bearish trend.
Editorial Team
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