Bitcoin 1 Week RSI Breaks Downtrend for First Time Since October Crash

• Bitcoin 1 week RSI breaks downtrend for the first time since October crash.
• Is a recovery rally expected for crypto prices.
• Several possible targets set for bullish and bearish BTC outcomes.

Bitcoin and crypto enthusiasts grow hopeful for a promising crypto market price surge as new observation on the BTC price chart ignites bullish sentiments. According to observations, the Bitcoin 1 week RSI breaks downtrend for first time since October crash. Is a recovery rally about to play out for the price of BTC, or will the asset experience a fake pump before a true bottom formation?

The crypto market has been experiencing a slow sideways movement since the last few weeks, showing how the price of BTC has been trying to recover a promising support range at the $76,000 price level. So far, the price of BTC has only surged as far as $74,000, but has failed to reclaim the critical $76,000 price range and move upwards to reclaim higher highs. At the moment, both bullish and bearish analysts are expecting a rise in prices.

To highlight, the price of BTC is currently back up over the $70,000 price range this week, after trading under $70,000 in the past few days. This surge reignited bullish sentiment, leading experts to believe a short recovery may be in order. According to bullish analysts, this is just the beginning of a continued bull run. In contrast, bearish analysts believe this to be the last pump before the bottom price formation will arrive.

As we can see from the post above, this popular crypto trader and analyst highlights how for the first time since the October 10 crash, Bitcoin’s 1 week-RSI has broken its downtrend. Previously, when the weekly RSI downtrend breaks, Bitcoin tends to bounce and pump higher. Thus, the expert concludes that if historic patterns are to be taken into account, the price of BTC will likely break above the $76,000 price range and turn into support soon.

At the moment, most experts are still considering another possible failure of a breakout. In the eyes of these experts, failing to break above could result in a much greater dip in the price of BTC, likely pulling its price back to 60,000 and possibly even below. Based on the traditional 4-year bull cycle, the price of BTC is expected to fall to much lower targets and begin its journey towards setting the cycle bottom soon.

As explained in the post above, the expert goes on to explain how Bitcoin (BTC) has followed the same cycle for 13 years, and unlike the 5-year supercycle theories, does not believe that BTC will change its pattern anytime soon. He highlights the number of days the bull and bear phases last and marks the cycle top dominance in every cycle. The post concludes with marking the $41,400 price range as this cycle’s expected bottom.