Happycoin.club – Following Bitcoin’s push past the $91,000 mark, seasoned analyst Alessio Rastani has put forth a bold prediction suggesting the premier cryptocurrency is gearing up for significant upward momentum.
This conviction stems from the trader observing a convergence of a well-known technical indicator alongside widespread bearish sentiment, conditions he believes are perfectly set for a rebound.
Rastani posits that many traders are jumping the gun in calling for a bear market, basing their views solely on short-term patterns and the sharp pullback from October’s peak. Nevertheless, Rastani maintains that the price structure combined with market psychology points toward the opposite outcome.
The analyst meticulously examined every “death cross” for Bitcoin (where the 50-day simple moving average dips beneath the 200-day average) dating back to 2011. His findings indicated that approximately 75% of these signals coincided with major lows, with BTC typically delivering positive returns across the subsequent one-to-three-month period.
He noted a parallel situation occurred with the signal observed on November 15th. Furthermore, the Fear & Greed Index has lingered in extreme fear territory for several weeks, while social media commentary is saturated with pessimism regarding a potential dip toward $10,000. Everything aligns.
Conversely, other analysts are more reserved about definitively calling a market bottom, especially when considering negative on-chain metrics such as the 30-day and 365-day MVRV ratios.
Adding to this caution, crypto whales—entities holding between 10 and 10,000 BTC—have been reducing their holdings for six consecutive weeks straight, casting doubt on the immediate viability of a sustained return to six-figure valuations.
About the Author
