According to recent data, Bitcoin's stochastic RSI displays a bullish signal, previously indicating sharp price jumps. Experts predict a potential 56% rise.
Bullish Signal from Stochastic RSI
The Stochastic RSI tracks momentum based on movements within a price range, showing values between 0 and 100. Values above 80 are considered overbought, and below 20, oversold. A bullish cross appears when the blue %K line crosses the orange %D line upward, suggesting increasing momentum.
New Bitcoin Price Forecasts
Historical fractals indicate that following a bullish cross, Bitcoin often experiences sharp price recoveries within three to five months, averaging around a 56% increase. Analyst Merjin suggests Bitcoin's price may reach $120,000 if the Stochastic RSI fractal materializes.
Buying the Dip: Hedge Fund Strategy
Hedge funds are increasing their Bitcoin exposure during the price dip. This is evidenced by the increase in 20-day beta to BTC, indicating institutional investors are buying into cryptocurrency with the prospect of a price surge.
According to current data and analysts' opinions, Bitcoin might face another surge, supported by the bullish cross of the stochastic RSI and hedge fund accumulation.
