- Bitcoin prepares to reclaim 6-digit prices as BTC enters oversold territory.
- Bitcoin nears completing a 4th week of red in a row.
- A bull market has never seen 5 red weeks in a row suggesting a green week next.
The price of BTC broke away from the $95,000 price it was staggering at all week to pump to the $97,000 price mark and analysts are hoping this is the turning point, Bitcoin could reclaim its 6-digit prices in the coming days and move towards its previous ATH price of $109,114.88 and even go on to setting higher highs.
Bitcoin Enters Oversold Territory
As we can see from the post above, this seasoned analyst believes Bitcoin price is about to take off. He says so based on Bitcoin having entered an oversold territory on the weekly Stoch RSI. This signal often marks accumulation or re-accumulation phases. Thus, the price of Bitcoin may slowly begin to climb towards its previous ATH price.
Bitcoin Prepares to Reclaim 6-Digit Prices
Besides this two other bullish signals on BTC price urge analysts and traders to expect an explosive upward move for Bitcoin. As we can see from the post above, one indicator is BTC confirming another bullish divergence pattern on the BTC price chart. Besides this another analyst tracks a pattern that will likely break due to the nature of the bull market.
Based on the post above, this analyst states how there have never been 5 weeks of red in a row in a bull market. Presently, we are in the fourth week of red and are in the middle of a major bull market. This would mean that the next week has to be a green bullish week. Will BTC move to reclaim 6-digit prices next week, or will it go on to set a much higher ATH price?
