Bitcoin (BTC) is currently reclaiming multiple crucial technical levels that have historically signaled the end of bear markets.
According to the pseudonymous analyst Skyodelic, some of the strong points that have already been reclaimed include the $67,000 local structure, $74,400 higher-timeframe structure, the 1D 200 SMA (simple moving average) plus EMA (exponential moving average), the one-week 50EMA, and the one-day RSI hitting 85-plus.
However, there are still some remaining hurdles for full confirmation, such as a weekly close above the 1W 50SMA at $82,000, the 1W Supertrend at $79,000, a higher low above $82,700, and a monthly higher high above $76,463.
“At this point, Bitcoin has achieved 80% of the data needed to confirm the low. But for this low to be completely confirmed, we must close above $82,700.”
If Bitcoin surpasses $82,000 this week, the analyst predicts a potential rapid movement towards $90,000. On the other hand, dropping below that level could result in a maximum drop to $75,000 before a significant breakout.
“Securing a monthly close above $76,463 significantly increases the likelihood of confirming the low.
Currently, we are waiting for a few more factors to align, and then the trend reversal will be indisputable.
Thus far, Bitcoin has already repossessed levels that have historically marked the end of previous bear markets (200D SMA+EMA=1W 50EMA+ 1D RSI 85+).
![\"Image\"](\"https://pbs.twimg.com/media/HQwiCB0b0AASvbu?format=jpg&name=4096x4096\")
Currently, Bitcoin is trading at $77,776.
Follow us on X, Facebook and Telegram
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Generated Image: Midjourney
