Bitcoin (BTC) is currently at a pivotal juncture, indicated by its technical signals. Analysts observe that every time the Stochastic RSI has shown a bullish crossover over the past three years, it has triggered significant price increases.
Technical Indicators and Fibonacci Levels for Bitcoin
A potential bullish crossover in Bitcoin’s Stochastic RSI suggests an imminent price rebound. Data from analyst Ali Martinez indicates that each occurrence of this signal over the last three years resulted in at least a 40% increase. Currently hovering around $80,000, Bitcoin may maintain its bullish trend if it closes above the 38.2% Fibonacci level (approximately $79,702) on a three-day price chart.
Key Support Levels According to the CVDD Model
The CVDD model has effectively identified Bitcoin’s historical bottom points. The $84,640 level, represented by CVDD × 2.618, serves as an essential reference for current price movements. If BTC can maintain this level as support on weekly and monthly time frames, it may create a local bottom, enabling a new upward wave.
Potential Scenarios for Bitcoin Movement
However, if the price remains below $84,640, the possibility of a drop to $64,700 (April 2021 peak) and even $60,000 could arise. Historical data show that Bitcoin has rebounded after similar corrections. For instance, after falling to $17,600 in 2022, BTC surged back to $44,000 in 2023. Thus, short-term declines do not necessarily mark the end of a long-term bullish trend.
Bitcoin's current technical signals suggest the potential for significant price movements in the near future. Observing levels like the 38.2% Fibonacci and CVDD support level will be key to forecasting further market steps.
