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Bearish Divergence Haunts Bitcoin! Will BTC Price Touch $17K?

Highlights

    The RSI indicates a continued sell-off of the asset but still not ‘oversold’

    The S-curve pattern indicates a slight uptrend for Bitcoin

    Bitcoin Bull, however, might be outperformed by the Bears in short-term

Bears may Hinder the Bitcoin bull run

Bitcoin recorded new highs by smashing above $16,000 levels in a very short period of time. With the BTC price heading strongly towards its ATH, the analysts predict attaining $17K should be imminent. 

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One of the technical analyst and BTC crypto specialist Parabolic Thies has predicted two possibilities. Either the bears get ‘REKT’ and ATH will be attained before dumping back to $14K levels or Bitcoin stops here, consolidates before reaching ATH and never look back.

Also Read: Bitcoin gets rejected four times at $16,000, What it Signifies?

Will Bitcoin (BTC) Price Touch $17K?

Bitcoin has successfully maintained above $15,000 for more than 3-4 days and recently crossed $16,000. With the current bull run, some analyst predicts a short term rally which would end up with a pullback

However, another analyst Coingilla has discovered an S-curve pattern and also a bearish divergence in the RSI which is in between 50-55. 

In the previous bull rally of 2017 and in 2019, the RSI indicators had almost hit 100 which suggested a very ‘overbought’ condition. But currently, the RSI just hit close to 80 and dipped below 55 levels. At present, the Bitcoin price stands at $16,120 with a surge of 1.77 percent in the last 24-hours.

Collectively, the Bitcoin bears should not outperform the bull to continue rallying. But the selling pressure that accumulates at every stage causes some trouble for the bitcoin bull rally. Therefore the Bitcoin movement to its ATH would be very interesting to witness.


Also Read: Bitcoin Price Reclaimed 60% Losses While Gold Price Trends Below $1900

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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