- Bitcoin potential reversal incoming, analysts expect over 36% price recovery.
- They also highlight multiple bull patterns suggesting recovery.
- The patterns suggest underlying strength despite pullbacks, massive continuation expected.
The price of Bitcoin (BTC) continues to flounder in the lower $80,000 price range, leading analysts to debate on what’s next for the pioneer crypto asset. At the moment, some analysts highlight multiple bullish patterns suggesting that a big Bitcoin potential reversal is coming for the price of BTC.
Bitcoin Potential Reversal Incoming
As we can see from the pose above, this analyst believes that a Bitcoin potential reversal is incoming for the crypto market. Firstly, the analyst says that BTC is showing signs of bottoming on the weekly chart. Next, he highlights three specific signals, including RSI level being at support.
The latter two signals show oversold Stochastic RSI in a bullish crossover and BTC being at the lower Bollinger Band, with contraction signaling decreasing volatility. Suggesting a momentum shift ahead, the analyst also shares a chart highlighting the local bottoms of previous bull cycles and drawing patterns with the current bull cycle.
Massive Continuation Expected for BTC Price
Meanwhile, another analyst adds to this observation saying the patterns suggest Bitcoin can recover back to its previous ATH prices and there seems to be strong underlying strength despite the harsh pullback. He expects over 36% price recovery, pre-continuation to occur followed by a massive continuation.
