Analyst Predicts Bitcoin Upsurge

An analyst, known as Rekt Capital, claims a bullish signal for Bitcoin (BTC) is emerging from the Relative Strength Index (RSI).

Key Insights

• Rekt Capital, who has a following of 107,000 on YouTube, indicates that the RSI is breaking out of a prolonged downtrend, suggesting a potential surge in Bitcoin’s price.
• The RSI, a momentum oscillator, helps determine whether an asset is overbought (70-100) or oversold (0-30).

“What’s interesting about this entire period right now is that this has been a downtrend on the RSI, a daily downtrend dating back to really mid-November 2024…”

This potential breakout from the RSI downtrend signals upcoming strength in Bitcoin’s price, transitioning into a macro uptrend following a five-month decline. The analyst states this breakout coincides with a bullish divergence.

Price Predictions

Rekt Capital also suggests Bitcoin may soon breach the resistance level of $88,500.

“We need to watch out for further continuation, which is going to be reclaiming $88,500 to get us back closer and closer to reclaiming this re-accumulation range around $100,000.”

Many market participants have viewed the recent dip as a bear market, but Rekt indicates it may merely be a downside deviation akin to past price behaviors.

As per the latest data, Bitcoin is currently priced at $83,998, showing a decrease of 2.3% in the last 24 hours.