Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesEarnAISquareMore
Bitcoin Rally May Lose Momentum, Analysts Warn of Potential 20% Pullback

Bitcoin Rally May Lose Momentum, Analysts Warn of Potential 20% Pullback

Bitget2024/03/13 23:00
According to CoinDesk, Swissblock analysts have noted that Bitcoin's rally is showing signs of waning momentum, as indicated by a negative divergence between its price and the RSI momentum indicator. They predict that BTC could drop as much as 20% from current prices in the near term, but the uptrend will eventually resume. Over the past month, Bitcoin has been climbing to new all-time highs, with every dip being quickly bought up. However, analysts warn that the largest cryptocurrency may be entering a cool-off phase.
 
 
 
Swissblock stated in a note on Wednesday that Bitcoin nearly doubled in price from $38,000 in late January without any significant pullbacks, suggesting that a cooling period could be imminent. The analysts based their forecast on the negative bearish divergence between Bitcoin's price inching higher but dwindling relative strength index (RSI) on the 4-hour chart, which foreshadows lower prices. The pullback could materialize within the next few days, according to Swissblock analyst Henrik Zeberg. However, in the bigger picture, lower prices will be a temporary setback before the uptrend resumes to new highs.
 
 
 
Crypto investment services firm Matrixport also noted on Tuesday that Bitcoin's rally is running out of fuel and forecasted a period of consolidation. Skyrocketing meme coin prices could also signal an impending pullback, as rotating profits from large-cap cryptos to riskier tokens often marks the last stage in a crypto uptrend. Bitcoin recently traded slightly above $73,000, up 2.6% over the past 24 hours, while the broad- market CoinDesk 20 Index (CD20) advanced 4% during the same period.
 
0
0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

Understand the market, then trade.
Bitget offers one-stop trading for cryptocurrencies, stocks, and gold.
Trade now!

You may also like

"Big Short" Burry opens a position in QXO (QXO.US), betting on building products integration and undervaluation; stock price rises over 7%

Investor Michael Burry disclosed that he has purchased common and preferred shares of QXO (QXO.US), a building products company, citing its integration strategy and the currently depressed stock price. The stock surged 7.2% on Monday.

智通财经2026/09/21 23:36

700,000 new elderly patients join, Eli Lilly (LLY.US) dominates 70%: The first Medicare weight loss drug coverage report released

Dave Ricks, CEO of Eli Lilly (LLY.US), said in an interview on Monday that since Medicare began coverage for obesity drugs in July, 700,000 new elderly patients have started using GLP-1 medications.

智通财经2026/09/21 23:31