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Bitcoin Potential Reversal Incoming, Analysts Highlight Multiple Bull Patterns Suggesting Recovery
The price of Bitcoin (BTC) has been stagnant in the lower $80,000 range, leading analysts to debate on what’s next for the pioneer crypto asset. However, some experts are highlighting multiple bullish patterns that suggest a significant reversal is imminent.
One analyst has taken to Twitter to share their findings, stating that BTC is showing signs of bottoming on the weekly chart. This is accompanied by three specific signals that indicate a potential turnaround in the market. Firstly, the RSI (Relative Strength Index) level is at support, indicating that the asset may be ready for an upward move. Additionally, the oversold Stochastic RSI has given a bullish crossover, which can also signal a reversal.
Moreover, BTC is currently trading at the lower Bollinger Band, with contraction signaling decreasing volatility. This suggests that the market is poised to experience a momentum shift ahead. To illustrate their point, the analyst shared a chart highlighting local bottoms of previous bull cycles and drawing patterns with the current cycle.
Another expert has corroborated this sentiment, pointing out that the patterns suggest Bitcoin can recover back to its previous all-time highs and there seems to be strong underlying strength despite the harsh pullbacks. This could potentially lead to over 36% price recovery, pre-continuation, followed by massive continuation.
The implications of these findings are substantial, as they suggest that a reversal is imminent and that prices may rise dramatically in the near future.
Source: https://cryptonewsland.com/bitcoin-potential-reversal/
