Bitcoin (BTC) has a new $70,000 reversal target as a leading indicator sets new bull market lows.
In X analysis on April 7, popular trader and analyst Rekt Capital predicted that BTC/USD could find its floor near old all-time highs from 2021.
History suggests $70,000 should end BTC price dip
Bitcoin can dip as low as $70,000 before recovering and still keep within historical norms, Rekt Capital says.
Considering where the current bull market correction might end up, the analyst used the relative strength index (RSI) indicator to calculate the potential BTC price downside.
“Whenever Bitcoin’s Daily RSI crashed into the sub-28 RSI levels – that wouldn’t necessarily mark out the price bottom. In fact, historically, the actual price bottom would be -0.32% to -8.44% lower than the price when the RSI first bottomed,” he explained.
“Bitcoin is currently forming its second low -2.79% below the