- Bitcoin is rebounding from its $76K low and aiming to break key resistance levels.
- RSI and Stochastic RSI indicators indicate the possibility for a bullish reversal.
- Bollinger Bands contraction signals an imminent major price shift.
- A confirmed breakout would send Bitcoin by 23%-96%.
Bitcoin (BTC) is showing positive signs of a breakout and aiming for huge surge. BTC hit its recent low a $76k and rebounded strongly and now aiming to surpass resistance. BTC Final Surge Rally is still missing. It’s not too late for it to happen from this point.
Bitcoin slowly pointing to upwards and in the last 24 hours BTC is slightly up by 0.67% showing stability and potential for breakout. Currently, BTC is trading at $83,170 with a 24-hour trading volume of $ 64.27B, market cap of $ 1.65T.
Bitcoin’s 23%-96% Rally Possible
Market experts are closely watching Bitcoin’s technical indicators, which suggest a possible trend reversal. Crypto analyst Titan of Crypto highlighted that, BTC is showing classic bottoming signals on the weekly chart.
The Relative Strength Index (RSI) has reached a key support level, signaling potential strength for a rebound. Additionally, the Stochastic RSI has formed a bullish crossover in the oversold region, a historical indication to strong upward movements. Meanwhile, BTC is currently touching the lower Bollinger Band, with volatility contracting, an indication that a huge move could be on the verge.
Also, the analyst pointed out that, on the daily chart, Bitcoin recently formed an RSI bullish divergence, which in the past prompted massive price rallies. On the two most recent times this setup formed, during the summer of 2024, BTC rallied by 23% and 96% from the closes of the candles. If BTC repeat history next leg up is on the horizon.
However, with these technical signals on the rise, Bitcoin analysts are watching price action carefully for the verification of the breakout. With BTC reaching the pivotal moment, the market is waiting with bated breath for the possibility of a huge surge that can send prices to new highs.
Related Reading | PEPE’s Next Big Move: A 35% Breakout or Another Crash?