- Trader Quantum Ascend expects a quick recovery in Bitcoin price.
- According to his observations, the BTC price has reached the low of the 2022 bear market and is preparing to rebound.
- Now Quantum Ascend monitors the Relative Strength Index (RSI) value.
Bitcoin “almost perfectly” replicates the end of its 2022 bear market, the crypto trader believes Quantum Ascend. He noted recurring movements in the Bitcoin Stochastic Relative Strength Index (RSI). This is a classic leading indicator that helps traders identify overbought and oversold conditions, as well as changes in the BTC price trend.
The RSI signals oversold conditions when the price falls below 30/100 on its scale, and overbought conditions are triggered when the value exceeds 70/100. The RSI moves much more quickly between these two zones, but Quantum Ascend sees a key long-term bullish signal that is about to be confirmed.
The RSI is at EXACTLY the same point on the daily chart as it was in 2022, he told his social media followers.
In late 2022, the RSI hit a double bottom along with price, before both rallied in early 2023. Now, according to Quantum Ascend, the replay is “playing out almost perfectly.”
“A breakout above EXACTLY the same level (blue line). AT EXACTLY the same time,” the analyst wrote.
Indeed, the RSI is now trying to overcome the 50/100 midpoint after two local lows at the end of January and the end of March, respectively.
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