Bitcoin ( BTC ) is preparing for a massive rally in 2023, according to a popular crypto strategist.
According to Inmortal, a pseudonymous analyst in the industry, Bitcoin flashes a trend reversal signal. This is according to his 189.800 Twitter followers.
“Monster divergence with Bitcoin.
Although it’s positive, it’s not a bottom signal. As the RSI [Relative Strength Index] makes lower lows, the price may continue to fall.
Source: Inmortal/Twitter
The RSI, a momentum indicator, can signal a major shift in an asset’s trend. The analyst’s chart shows that Bitcoin is forming a bullish divergence. This suggests that buyers are starting to gain momentum even as BTC prices continue to fall. Inmortal’s chart shows that Bitcoin has seen strong rises after flashing the same signal as in January 2019, October 2020, and July 2021.
Inmortal believes Bitcoin will experience a massive rally in 2023 as BTC bulls gain momentum. This is similar to the performance of Bitcoin between March and July 2019, when the king of crypto surged around $3,000 to $14,000.
“We will repeat this in 2023.”
Bitcoin traded for $16,855 at the time of writing. This is a 2.80% increase over the previous 24 hours.
Author
Chris Munch is a professional cryptocurrency and blockchain writer with a background in software businesses, and has been involved in marketing within the cryptocurrency space. With a passion for innovation, Chris brings a unique and insightful perspective to the world of crypto and blockchain. Chris has a deep understanding of the economic, psychological, marketing and financial forces that drive the crypto market, and has made a number of accurate calls of major shifts in market trends. He is constantly researching and studying the latest trends and technologies, ensuring that he is always up-to-date on the latest developments in the industry. Chris’ writing is characterized by his ability to explain complex concepts in a clear and concise manner, making it accessible to a wide audience of readers.
