Bitcoin Only in ‘Phase 1’ of Market Momentum, Says Crypto Analyst

The reawakening of Bitcoin wallets from the Satoshi era holding BTC worth billions has given room for speculation in recent weeks. While some investors have been selling their holdings, regressing BTC price after crossing $30k, some experts believe it is just the beginning.

According to technical analysis information shared by a crypto trader, Bitcoin has only entered “phase 1” of the Monthly RSI, a key indicator used to measure market momentum. The trader argued that while Bitcoin has crossed the mid-line, it has not yet reached its cycle mid-tops or macro tops, implying plenty of room for growth.

Some people are already packing their #Bitcoin bags, and calling it quits

But we have only entered phase 1 of the Monthly RSI after crossing the mid-line!

Phase 2 and 3 (cycle mid-tops and macro tops) have yet to be completed

Higher prices are coming for those who are patient pic.twitter.com/jt2CQcJpTm

— CryptoCon (@CryptoCon_) April 24, 2023

In another conversation, a crypto trader argued that there are two possible outcomes for Bitcoin’s price movement over the next few days. The first scenario is that the current $27k price is a good support level, which would unlikely break. The second scenario, however, suggests that if the $27k support level is broken, Bitcoin’s price could fall further and retest the $25k neckline.

#Bitcoin

Two short term scenarios (4h Chart). Right now, 27k looks like a good support.

If broken, we will likely get that 25k neckline retest! pic.twitter.com/uM8XxfZvWY

— Stockmoney Lizards (@StockmoneyL) April 25, 2023

In the past week, the decline in the crypto market affected other major coins like Ethereum (ETH) and Binance Coin (BNB), causing them to retrace their gains. ETH has dropped by more than 14%, causing it to dip below the $2k mark. Polygon (MATIC) and Solana (SOL) experienced the most significant losses among the cryptocurrencies with the most prominent market cap.

Data from the market tracking website, CoinMarketCap, suggest that MATIC and SOL are heading towards a cumulative negative seven-day growth of 20%.

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