A popular crypto strategist believes that king crypto Bitcoin (BTC) is gearing up for a massive rally in 2023.
The pseudonymous analyst known in the industry as Inmortal tells his 189,800 Twitter followers that Bitcoin is flashing a trend reversal signal on the three-day chart.
“Monster divergence on Bitcoin.
It’s positive, but it isn’t a bottom signal. Price may continue to go down as the RSI [relative strength index] makes higher lows.”
The RSI is a momentum indicator that could signal a big shift in an asset’s trend. Looking at the analyst’s chart, Bitcoin appears to be forming a bullish divergence, which suggests that buyers are starting to gain momentum even though BTC’s price continues to fall. Inmortal’s chart also shows that Bitcoin has ignited strong moves up after flashing the same signal in January 2019, October 2020 and July 2021.
With BTC bulls gathering momentum, Inmortal believes that Bitcoin will launch an epic rally in 2023, mirroring BTC’s performance between March and July of 2019 when the king crypto surged from around $3,000 to $14,000.
“We repeat this in 2023.”
In the short term, Inmortal sees Bitcoin bouncing toward the $17,500 level.
“I would take it.”
At time of writing, Bitcoin is changing hands for $16,855, a 2.80% increase in the last 24 hours.