[Analysis] "Bitcoin shows short-term bottom signal… could rebound to USD 100,000~110,000"

Uk Jin

Summary

Trader Mister Crypto said Bitcoin has formed a short-term bottom after the recent sharp decline.
He mentioned that oversold signals, the entry of large investors into long positions, and changes in the macro environment could lead to a short-term USD 100,000~110,000 rebound.
However, he said this rebound does not indicate a long-term bullish reversal, and there could be further readjustments given the market structure.

Bitcoin (BTC) is forming a short-term bottom after its recent sharp decline.

On the 29th (Korean time), Cointelegraph reported that trader 'Mister Crypto (Mister Crypto)' said "On the weekly chart, the Relative Strength Index (RSI) is approaching the 30 level and is about to enter the oversold territory," calling it "a signal that Bitcoin has hit a short-term bottom." He added, "With the market overall in extreme fear, the fact that large investors have begun opening new long positions is also a condition for a rebound."

He also said Bitcoin could rebound to USD 100,000~110,000. Mister Crypto forecasted, "Since in past cycles the Bitcoin RSI fell below 30 and then repeatedly recovered to six-figure prices, a rebound to the USD 100,000~110,000 range is possible in the short term."

The macro environment also supports short-term momentum. It explained that the possibility of an end to quantitative tightening and expectations of further policy rate cuts are stimulating a preference for risk assets. However, Mister Crypto said "this rebound does not mean a long-term bullish reversal," and "the broad market structure is still in a bearish phase, and further readjustments may occur," he cautioned.

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