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Bitcoin Condividere
Finbold 2024-12-31 14:11:52

This indicator suggests Bitcoin is far from a bear market

This indicator suggests Bitcoin is far from a bear market

The cryptocurrency market has been on edge regarding Bitcoin’s ( BTC ) price movements, with lingering fears of a possible crash after the asset repeatedly failed to reclaim the $100,000 mark. Amid these concerns, an analyst has observed that Bitcoin may not be on the verge of a bear market based on historical price movements. Specifically, Ali Martinez highlighted that Bitcoin’s Relative Strength Index ( RSI ) shows the asset has yet to reach its peak in the current cycle, as he noted in a post on X on December 31. Bitcoin price analysis chart. Source: TradingView/Ali_charts According to the expert, Bitcoin’s market peaks coincided with the RSI surpassing the critical 92 levels in previous cycles. In 2013, the RSI breached 92 twice, signaling a major correction and the onset of a bear market. Similarly, in 2017, the RSI surpassed 92 in August and December, marking the end of Bitcoin’s bull market and the start of a bearish phase. Most recently, in 2021, the RSI exceeded 92, signaling the conclusion of the bull market and the beginning of a correction. Currently, Bitcoin’s RSI stands at 74, well below the historically significant 92 threshold. Martinez noted that while markets can be unpredictable, historical trends suggest that Bitcoin is still far from entering a bear market. Bitcoin’s bullish outlook To back his bullish outlook, Martinez observed that Bitcoin’s 12-hour chart is showing signs of potential upside momentum, with the TD Sequential indicator flashing a buy signal. In a December 31 post , he noted that if Bitcoin closes above $94,700, it could pave the way for a rally to $97,500. The TD Sequential is a technical tool that identifies potential price trend turning points. This signal comes after Bitcoin has experienced a period of consolidation around the $95,000 level. Bitcoin price analysis chart. Source: TradingView/Ali_charts It’s worth mentioning that several market analysts had warned that Bitcoin’s technical setup was signaling a potential crash, with the price possibly dropping as low as $18,000. For instance, as reported by Finbold, cryptocurrency analyst MFHoz noted that Bitcoin’s failure to breach the $100,000 mark indicates that the asset’s “party is over.” Interestingly, Bitcoin has failed to make significant moves despite bullish sentiment, such as MicroStrategy’s (NASDAQ: MSTR ) continued accumulation of the asset. Moreover, the market has speculated that a drop below $90,000 could trigger the start of a bear market. On December 30, Bitcoin dropped to a one-month low of $91,522 but later recovered as bullish strength reasserted itself. Bitcoin price analysis As of press time, Bitcoin was trading at $95,280, having rallied by over 2% in the last 24 hours. On the weekly chart, BTC is down about 1%. Bitcoin seven-day price chart. Source: Finbold Despite Bitcoin’s weakening strength in the short term, the asset remains largely bullish in the long run, benefiting from momentum from post-election optimism. Some market players anticipate a rally continuation beyond the $108,000 high, projecting that the asset could soar in 2025. Featured image via Shutterstock The post This indicator suggests Bitcoin is far from a bear market appeared first on Finbold .

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