A new market analysis suggests Bitcoin may target $70,000 before a recovery. Analyst Rekt Capital presented calculations based on historical data and current indicators.
Analysis of Current Bitcoin Market Situation
Based on an analysis conducted on April 7, trader and analyst Rekt Capital predicted that BTC/USD could find its floor near old all-time highs from 2021. The current relative strength index (RSI) indicates a decline in prices.
Historical Data and Price Predictions
Earlier, Rekt Capital noted that Bitcoin could drop to $70,000 while maintaining historical norm. According to the current RSI, dips below 28 did not mark the ultimate price bottom but rather the beginning of a correction. 'Bitcoin is currently forming its second low -2.79% below the first low. A repeat drop of -8.44% below the first low would see a bottom at around ~$70,000,' Rekt Capital stated.
Macroeconomic Factors and Their Impact on Bitcoin
However, not all experts share an optimistic view. Economist Timothy Peterson believes that the current macroeconomic conditions could negatively affect Bitcoin, stating that 'seriously bad for Bitcoin.' In this context, if BTC/USD reaches the $70,000 level, it could be tied to the influence of current economic trends.
Thus, predictions of reaching the $70,000 level create uncertainty in the market. Investors should consider both historical data and current economic conditions when assessing future actions.
