Technical Analysis:

  • “The Crypto & Gold Analyst” is bullish on Bitcoin (BTC), suggesting a potential breakout from its long-term downtrend since December 2024.

  • Convergence of downtrend and uptrend lines on both the four-hour and daily charts indicates a shift in momentum.

  • The daily Relative Strength Index (RSI) shows a breakout above horizontal resistance, signaling a potential Bitcoin rally.

  • The Moving Average Convergence Divergence (MACD) indicator also reflects bullish momentum, with the bulls holding strength near resistance levels.

  • A bullish ascending triangle pattern on the three-day chart suggests a 13% price increase.

  • Target price from the ascending triangle pattern is approximately $98,000, reflecting a recovery from prior losses.

Fundamental Analysis:

  • $BTC is currently trading at $84,941.85, indicating room for potential upside based on technical signal.
    #MarketPullback

  • The formation of a U-shaped recovery could indicate Bitcoin’s ability to regain lost ground from previous significant price drops.