Henrik Zeberg, a macroeconomist, forecasts a potential Bitcoin rally of at least 60% according to recent technical analysis. He identifies a pattern across three critical indicators: the Relative Strength Index (RSI), Moving Average Convergence Divergence (MACD), and Relative Vigor Index (RVGI), all of which currently indicate bullish market conditions.
The RSI's position above 50 suggests growing bullish momentum, breaking through a descending trendline that has historically signaled imminent price increases. Meanwhile, a bullish crossover in the MACD further supports a possible market reversal from bearish to bullish conditions, consistent with its history of predicting market upswings.
In conjunction, the RVGI's bullish crossover—marked by its green line overtaking the red—highlights a strong bullish undertone. Zeberg’s annotated chart illustrates several instances of similar setups leading to significant rallies, such as surges of +318% in 2019 and +824% in 2020, among others.
The historical success of this configuration indicates that another upward move could occur, possibly resulting in a significant rise to between $115,000 and $120,000 in a "Blow-Off Top" scenario. Despite predicting a US recession, Zeberg believes it will follow a financial market surge inclusive of Bitcoin.
