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A popular crypto strategist believes crypto king 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 showing a trend reversal signal on the three-day chart.
“Monster Divergence on Bitcoin.
It’s positive, but it’s not a low signal. The price may continue to decline as the RSI [relative strength index] makes higher bass.
Source: Immortal/Twitter
The RSI is a momentum indicator that could signal a big change in the trend of an asset. Looking at the analyst’s chart, Bitcoin appears to be forming a bullish divergence, suggesting that buyers are starting to gain momentum even as BTC’s price continues to decline. Inmortal’s chart also shows that Bitcoin sparked strong gains after showing the same signal in January 2019, October 2020, and July 2021.
As BTC bulls gain momentum, Inmortal believes Bitcoin will launch an epic rally in 2023, mirroring BTC’s performance between March and July 2019 when the crypto king rose from around $3,000 to $14,000.
“We are repeating this in 2023.”
Source: Immortal/Twitter
In the short term, Inmortal sees Bitcoin rebounding towards the $17,500 level.
“I would take it.”
Source: Immortal/Twitter
At the time of writing, Bitcoin is changing hands for $16,855, an increase of 2.80% in the last 24 hours.
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