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Crypto analyst Rekt Capital Recent discussions on Bitcoin prices and the cryptocurrency’s trajectory provided insight into its future. He specifically mentioned BTC’s RSI which shows a pattern similar to the one seen last year just before BTC rallied to new heights.
Bitcoin’s RSI Targeting daily retest that triggered 2024 price rally
It is a good idea to get in touch with someone who can help you. X postRekt Capital reported that Bitcoin’s RSI was targeting a daily retest, which triggered a 2024 price surge. He said that the price rally of 2024 was triggered by a daily retest last week. daily RSI The breakout was confirmed by a successful retest after the post-breakout RSI trend. This downtrend dates from November 2024. He also said that the RSI was now retesting that same downtrend.
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It is important to note that the word “you” means a person. Bitcoin price rallied to $100,000 Donald Trump won the US Presidential elections in November 2024. Rekt Capital’s accompanying graph showed that the RSI has retested the 40-zone, with a breakdown below this level most likely to ignite another downtrend. A break below this RSI zone could cause BTC to enter a downtrend.
Bitcoin’s price has dropped significantly from its recent high of $88,500, to just below $84,000, since Friday. Macro factors like Donald Trump’s tariffs The US Federal Reserve’s policy of quantitative tightening is reducing the bullish momentum for the crypto.
QCP Capital believes that Bitcoin’s short-term price rise is limited as investors wait to see what Trump will do next in this escalating war of trade. PCE’s inflation data released on Friday also led to a negative outlook for BTC, as the index core rose above expectations.
BTC could form local bottom at current price level
Crypto analyst Titan Of Crypto said that Bitcoin could increase in price. form a local bottom at its current rate. BTC still holds above strong supports including the Tenkan monthly and midline in the Fair Value Gap monthly. The analyst noted that BTC had marked a bottom the two previous times it held this support.
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Titan of Crypto raised in an earlier posting the possibility that the Bitcoin price could rally to $91,000 within the next few weeks. According to him, a pennant formed in the 4-hour chart. He said that if the pattern moves upwards, BTC’s target would be $91,400. Meanwhile, legendary trader Peter Brandt Looks bearish, as he predicted recently that BTC might drop as low as $65,635.
Bitcoin’s price at time of publication is around $83,900. It has fallen over 2% within the past 24 hours. data CoinMarketCap.
Chart from Tradingview.com, image courtesy of Unsplash
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Source: www.newsbtc.com
