A well-known crypto analyst suggests that Bitcoin could be on the verge of a bullish reversal, citing a key technical signal.
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Rekt Capital highlights Bitcoin’s Relative Strength Index (RSI), a momentum gauge that tracks overbought and oversold conditions, noting that a breakout from its current downtrend could signal a shift in market sentiment.
He points out that Bitcoin’s RSI has been in decline since November 2024, but if it moves past this resistance, it could indicate an upward price movement.
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Historically, RSI reaching oversold levels has often led to market turnarounds, suggesting that sellers may be losing momentum, allowing buyers to regain control with minimal effort.
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Addressing Bitcoin’s recent correction, the analyst downplays concerns, explaining that its current 29% pullback is not unusual when compared to past cycles.
He notes that similar declines occurred after previous halvings and during major corrections in 2017 and 2021, some of which were even steeper. Based on these patterns, he believes Bitcoin’s recent downturn fits within historical trends, implying that another upward phase may be ahead.
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Alexander Stefanov
