Bitcoin Reclaims Major Levels Signaling 80% Confirmation of Market Bottom, According to Analyst

Bitcoin (BTC) is reclaiming several key technical levels that historically signal the end of bear markets.

The pseudonymous analyst Skyodelic says strong points already reclaimed include the $67,000 local structure, $74,400 higher-timeframe structure, the 1D 200 SMA (simple moving average) plus EMA (exponential moving average), the one-week 50EMA, and the one-day RSI (relative strength index) hitting 85-plus.

Remaining hurdles for full confirmation include a weekly close above the 1W 50SMA at $82,000, the 1W Supertrend at $79,000, a higher low above $82,700, and a monthly higher high above $76,463.

“At this stage, Bitcoin has put in 80% of the data needed to confirm the low. However, for this low to be undeniable, we need to close above $82,700.”

If Bitcoin punches above $82,000 this week, the analyst predicts it could move quickly toward $90,000, while chopping below that level could allow a maximum drop to $75,000 before a key breakout.

“Securing a monthly close in the days above $76,463 increases the probability greatly that the low is confirmed.

At this stage, we are waiting for a few more things to line up, and then the trend reversal is undeniable.

So far, a great start, and Bitcoin has already reclaimed levels that, in all previous bears, have marked the end(200D SMA+EMA=1W 50EMA+ 1D RSI 85+).

We will know more by the end of this week/month, which is around the same time.”

At time of writing, Bitcoin is trading for $77,776.

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The post Bitcoin Reclaims Major Levels Signaling 80% Confirmation of Market Bottom, According to Analyst appeared first on The Daily Hodl.