TL;DR
- Jelle, a popular trader, highlights similarities between Bitcoin’s current behavior and the 2017 bull run. Especially regarding the Relative Strength Index (RSI).
- BTC could be gearing up for a “major breakout” if it surpasses $75,000. As per Jelle’s observation of the hidden bullish divergence and the pattern resembling that of 2017.
- Despite the bullish signals, there are mixed opinions about BTC’s immediate future. With some analysts predicting a correction to around $60,000 or lower.
Bitcoin is at a crucial juncture, with forecasts suggesting a potential turning point in its price. This was emphasized by a popular trader, Jelle, who noted similarities between Bitcoin’s current behavior and the early 2017 bull run, especially concerning the Relative Strength Index (RSI).
According to Jelle, Bitcoin is exhibiting a hidden bullish divergence and a pattern similar to the one that preceded the significant breakthrough that led the cryptocurrency to reach its all-time high of $20,000 in 2017. His observation suggests that BTC could be gearing up for a “major breakout” if it manages to surpass the $75,000 mark.
#Bitcoin is playing out incredibly similar to early 2017.
A hidden bullish divergence and choppy waters right around the previous all-time highs — before the main breakout.
Clear $75,000, and this accelerates quickly.
⌛️⌛️ pic.twitter.com/jmGu3gUKEC
— Jelle (@CryptoJelleNL) May 24, 2024
The RSI, which measures whether an asset is overbought or oversold, is showing a similar pattern between Bitcoin’s trajectory in 2017 and its trajectory from early 2023 to the present. Historically, BTC has recorded its most significant upward movements when the RSI is in the “overbought” zone above 70, reinforcing the idea of a possible significant price breakout.
Could Bitcoin Fall to $60,000?
Despite these bullish signals, there are mixed opinions about BTC’s immediate future. Some analysts believe that the cryptocurrency could undergo a correction and return to levels around $60,000 or even lower. This is partly due to the lack of momentum following the recent preliminary approval of Ether ETFs in the United States. Which has not had a substantial impact on the performance of Bitcoin or Ether.
Despite cautious predictions, investors continue to closely monitor the Bitcoin market. Especially at a time when liquidity appears to be shifting from Bitcoin to Ether. However, many consider the current situation to be stable. They believe that Bitcoin could be gearing up for a significant move in the near future.
According to Coinmarketcap, BTC is currently trading at $67,153. Showing a daily decrease of 1.44%, with a market capitalization of $1,323,024,176,483.
Investors remain attentive to any changes in the market. They are prepared to make decisions based on market trends and forecasts.
