Since Bitcoin’s bulls were sidelined in late-June, cryptocurrency investors have been wondering at which point will the pain stop, at which point will BTC resume its uptrend to potentially new all-time highs.<\/p>\n
For months, nobody had an answer. Bitcoin fell through $13,000, then $10,000, then $8,000 most recently. And still, some are calling for another 25% drop to $6,000, which is where a number of traders believe the cryptocurrency market will find an ultimate bottom before a multi-year bull market.<\/p>\n
But, there is growing evidence suggesting that the leading cryptocurrency will soon reverse to the upside.<\/p>\n
Mohit Sorout, a partner at Bitazu Capital, noted that a number of Bitcoin indicators<\/a> are reaching an inflection point, which he believes is where BTC’s price will finally bounce. “[The] Relative Strength Index, positive Directional Indicator, and negative Directional Indicator all have to reset to an important horizontal level,” he argued before adding that “such levels have only one job: to turn the BTC price around.”<\/p>\n As implied by the chart that can be seen above, Bitcoin is likely to fall a bit lower to bottom (potentially to retest lows at $7,700), then begin a fresh bull trend, thus reversing the negative trend accentuated by the indicators.<\/p>\n RSI, +DI & -DI all have reset to an important horizontal level.<\/p>\n Such levels have only one job & that is to turn the $BTC<\/a> price around. pic.twitter.com\/0uvZWzfQqj<\/a><\/p>\n — MS\ud83d\udcc8 (@singhsoro) October 20, 2019<\/a><\/p><\/blockquote>\n\n