Technical Analyst Reveals Bitcoin’s Market Rebound and Potential Bottom

  • Bitcoin analyst CryptoCon warns against premature optimism amid market fluctuations.
  • Historical patterns indicate a unique 100% surge after 20% drop.
  • CryptoCon highlights potential undervaluation, and awaits clear market signals.

Prominent crypto and Bitcoin (BTC) technical analyst CryptoCon weighs in on the current sentiments within the Bitcoin market, shedding light on the recent rebound from $38,500 to $42,000.

Read CRYPTONEWSLAND on Google News google news

While Bitcoin enthusiasts are optimistic about the small recovery, CryptoCon advises caution, suggesting that proclaiming the market bottom may be premature. Analyzing the weekly Relative Strength Index (RSI), CryptoCon points out that the RSI is on course to reach the orange .382 support zone, potentially leading to prices in the low $30,000s.

Drawing attention to historical data, CryptoCon addresses the argument that the local low is already in, emphasizing the 20% decline. However, CryptoCon counters this narrative by highlighting that the current move witnessed an impressive almost 100% increase, surpassing the 60% moves preceding previous 20% drops.

This surge marks the largest single rise observed in this market cycle, indicating a unique pattern. CryptoCon remains data-driven, acknowledging that historical data accurately signaled overheated prices and expresses confidence that it will similarly indicate when the market is undervalued again.

Despite the positive trajectory, CryptoCon suggests that the market has not yet reached that undervalued state. While Bitcoin’s recent performance has been remarkable, the analyst advocates for a cautious approach, waiting for clear signals from the data before declaring a bottom.

As the crypto community monitors Bitcoin’s movements, CryptoCon’s insights provide valuable perspectives for investors navigating the dynamic cryptocurrency landscape.

Read Also

Crypto News Land ( , also abbreviated as “CNL”, is an independent media entity — we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.


related posts