Bitcoin Set for Final 10% Fall, Says Top Analyst
- Bitcoins current price is hovering around key support levels on the daily chart.
- A bullish crossover of the 20-day moving average above the 50-day moving average supports upward momentum.
- The RSI indicates oversold conditions, hinting at a potential price rebound.
The Bitcoin market is at a critical juncture, with expert analysts pointing to key indicators suggesting it may be in its final major dip. One of these experts, Dan Gambardello, believes that Bitcoin is preparing for a strong rebound after recent weekly lows. The cryptocurrency, currently trading just above crucial support levels, is showing mixed signals on the charts.
Bitcoin is hovering near a key support level on the daily chart. According to Gambardello, this area is vital for its short-term trajectory. The 50-day moving average has been a significant support zone, and holding above this line is crucial for Bitcoins bullish potential. Analysts are watching closely to see if BTC can remain above this mark, signaling a positive trend.
Adding to this, Gambardello highlights the lower trend line of the falling wedge on the larger Bitcoin chart. Even if BTC revisits this trend line, it would likely mark the end of its downward trend, thanks to the consolidation period that has persisted for over six months.
Moreover, the 20-day moving average recently crossed above the 50-day moving average. This golden cross is often seen as a bullish sign, suggesting a potential upward movement in the coming days.
Bitcoins Surge Imminent
Another promising sign is the Relative Strength Index (RSI) on the 6-hour chart, which indicates oversold conditions. Historically, such signals are followed by a price recovery, suggesting that BTC may soon bounce back. Gambardello also notes that a dip into the Fibonacci support zone, ranging between $58,000 and $55,500, could serve as a final capitulation event before a recovery.
However, a deeper dip towards the $50,000 mark remains possible. Such a scenario could set the stage for Bitcoin to enter a recovery phase, driven by oversold conditions on the shorter-term charts.
Read more: https://www.tronweekly.com/bitcoin-set-for-final-10-fall-says-top-analyst/
Text source: TronWeekly
