Popular crypto strategist Inmortal, bitcoin He stated that the price is preparing for a big rally in 2023.
Posting on his Twitter account, Inmortal stated that Bitcoin signals a trend reversal on its three-day price chart.
“I see a big divergence in the bitcoin chart. Although it is a positive signal, the bottom has not yet come. The price will continue to drop as the relative strength index (RSI) makes higher lows.”
The RSI is interpreted as a momentum indicator that can indicate a major change in an asset’s trend. In the chart of the analyst, it is seen that there is a bullish divergence formed on the Bitcoin chart. According to the chart, the same signals came in January 2019, October 2020 and July 2021, after which strong rallies began.
With Bitcoin bulls gaining momentum Inmortalbelieves that BTC will start an epic rally in 2023. For comparison, the analyst cited its performance between March and July 2019, when the price rose from around $3,000 to $14,000.
Sharing its short-term Bitcoin price prediction, Inmortal believes that the $ 17,500 level is realistic.
At the time of writing, Bitcoin was trading at $16,855, up 2.80% in the last 24 hours.
You can follow the current price action here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.