Bitcoin Signals Shift to Bullish Trend… Prediction from Analyst Who Forecasted 2024 Adjustment

# Bitcoin Analyst Predicts Short-Term Bottom Based on Technical Indicators A cryptocurrency analyst, who previously accurately forecast Bitcoin's correction in the first quarter of 2024, now predicts that Bitcoin (BTC) is likely to form a short-term bottom based on its technical momentum indicators. Rekt Capital, a well-known analyst, shared with his 542,000 followers on social media platform X that Bitcoin's daily Relative Strength Index (RSI) has recently entered the oversold territory. Traders often monitor RSI as it can signal potential trend reversals. Rekt Capital pointed out that since November 2022, whenever Bitcoin's daily RSI has reached oversold levels, it has shown significant rebounds. "Bitcoin’s daily RSI has dropped to 23.93, matching the levels seen during the bear market of 2022. At that time, Bitcoin's price plummeted to the high $7,000 range. The only time in this cycle the RSI was lower was in August 2023 (18.28). Each time the RSI has fallen below 25 during this cycle, a reversal has eventually occurred." Based on historical data, Rekt Capital expects Bitcoin to form a bottom between $78,000 and $71,700. "Bitcoin has marked yet another ‘lower high’ on the daily chart. This is an undeniable fact. However, throughout this cycle, whenever Bitcoin's RSI has fallen below 28, the price has either formed a bottom soon after or found a bottom within a -2% to -8% range." Rekt Capital argues that Bitcoin is currently in the process of forming a bottom and draws a comparison to Layer-1 protocol Cronos (CRO). According to Rekt Capital, CRO has completed a double bottom pattern, indicating the end of its downward trend, and suggesting a similar pattern might be seen in Bitcoin's future movements. "Bitcoin is showing signs of forming a double bottom pattern. CRO has already completed its double bottom and broken out, leading the way for Bitcoin. Other altcoins are also in the phase of forming their respective double bottoms." The double bottom pattern is traditionally interpreted as a bullish reversal signal, indicating that an asset has confirmed its price floor and is ready to ascend. According to the analyst’s chart, CRO has broken through resistance around $0.08 and is currently trading at $0.80. As of 4:55 PM KST on the 10th, Bitcoin was trading at $82,207, having fallen over 4% in the past 24 hours.