My dear friends, it appears our beloved Bitcoin has pranced onto the grand stage once again, this time eyeing a spectacular $70,000 as its new point to faint and recover. One could almost hear the RSI warbling in the wings, dramatically setting fresh bull market lows while clutching its pearls. 🤩
Intriguingly, on April 7, the illustrious seer known as Rekt Capital prophesied that BTC/USD might swirl its way down to revisit those charming old all-time highs from yesteryear—2021, if you please. How terribly nostalgic!
History suggests $70,000 should end BTC price dip
For those who adore tradition (and who doesn’t?), Rekt Capital serenades us with the notion that Bitcoin can still tumble to a dainty $70,000 and remain, rather proudly, within long-standing norms. He whipped out the ever-so-fickle relative strength index indicator, which fluttered its eyelashes and hinted at future BTC price intrigue. 😏
“Whenever Bitcoin’s Daily RSI dipped below 28, it wasn’t necessarily the final act,” declared our analyst, dramatically. “Historically, the actual curtain call price occurred a smidge—or perhaps a significant smidge—below the RSI’s initial crash point.”
“Bitcoin is presently forming its sequel of a low, around -2.79% beneath the first. Should we indulge in a sumptuous -8.44% follow-up, we’d likely see our price pirouette around $70,000.”
Our dear RSI, the ever-so-dramatic leading indicator, often teases us with signals pointing to colossal trend changes. Lately, it’s been perched around a modest 38 on the daily timeframe, having flounced away from 50. Meanwhile, on the weekly chart, it’s lounging at a leisurely 43—marking its lowest reading since the majestic bull market commenced in early 2023. Our hearts flutter. 💃
Naturally, Rekt Capital insists there’s no need for Bitcoin to stylishly crash all the way to $70,000 for a long-term bottom to take its final bow. According to history, anything in the wide realm between “now” and “darling, it’s $70,000” may serve as this correction’s new ground level. So many options—how simply exhilarating.
Memories of BTC’s November 2024 dance at $70,000 remain fresh, a thrilling high from the prior bull market that ended three entire years earlier. One can almost taste the nostalgia. 🕰️
Macro trend “seriously bad for Bitcoin”
Alas, gloom lurks in the wings: whispered predictions have pointed to the possibility that the $70,000 region, while fashionable, isn’t exactly brimming with cheer at the moment. Some cunning contraptions, such as the Lowest Price Forward metric, maintain there’s reason to believe $70K shall be our heroic support—and yet, not everyone’s popping champagne. 🍾
According to network economist Timothy Peterson, such unkind U.S. macroeconomic trends could rather rudely hustle BTC/USD toward $70,000. “Seriously bad for Bitcoin,” he murmured ominously. One imagines dark organ music playing in the background while the ICE BofA US High Yield chart looms large, causing polite gasps of theatrical horror. 🤯
And so, in the midst of all this drama, our fair Bitcoin continues its elusive tango between euphoria and despair. Critics wave their charts. Traders cling to their seats. One wonders if a cup of tea—or perhaps something stronger—might help us endure the spectacle. Ta-ta for now! 😘
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2025-04-08 23:28