Bitcoin ($BTC) is preparing for a strong upside move as the technical indicators suggest. In this respect, Bitcoin ($BTC) is eyeing a staggering 14.5% spike toward the $126K mark amid the signs of a bullish divergence ahead. As per the data from a prominent crypto analyst, Javon Marks, this scenario could lead to a trend reversal. Hence, while the Bitcoin ($BTC) prices are consolidating, the underlying momentum indicates accumulation instead of exhaustion.
Bitcoin Indicates Bullish Divergence Amid Anticipation of 14.5% Rally to Reach $126k
The latest on-chain data reveals that Bitcoin ($BTC) is moving toward a trend reversal as the start of November presents an optimistic outlook. Particularly, Bitcoin ($BTC) is expected to soon jump by 14.5% to reach its all-time highs around $126,296 again. The flagship cryptocurrency is reportedly gearing up for a bullish divergence while the relative strength index (RSI) is displaying lower lows. The respective pattern signifies the weakening selling pressure amid the growing price stability.
Therefore, this overall setup could be leading toward a massive upward movement in the near term. Thus, while the $BTC price is forming higher lows, the lower lows of RSI denote a compelling bullish divergence. Keeping this in view, while attempting for a breakout, Bitcoin ($BTC) aims for a 14.5% spike. At the moment, Bitcoin ($BTC) is hovering around $109,973.60, and the aforementioned upsurge could push it to the previous ATHs around $126K.
Surpassing Shady Resistance Could Speed up Breakout
According to Javon Marks, the current market structure around Bitcoin ($BTC) presents a bullish outlook. Therefore, the higher lows of price in parallel with the lower lows of the RSI indicator could lead to a huge breakout. Overall, if Bitcoin ($BTC) successfully surges above the immediate shaded resistance zone, it could rapidly climb to $126K with a 14.5% rise.
Source: https://blockchainreporter.net/bitcoin-rsi-hints-at-14-5-upside-move-to-new-highs/