Crypto analyst Jesse Olson has highlighted the second consecutive Heikin Ashi signal on the Bitcoin (BTC) weekly chart, suggesting a potential bullish reversal despite Bitcoin’s recent surge to $58,000.
Olson noted the absence of an upside wick, indicating strong momentum towards further downside, possibly as low as $40,000.
Another analyst, Daan Crypto, opined that Bitcoin needs to break above $60,000 for a bullish reversal, while Mikybull Crypto remains optimistic, citing a completed bullish diamond formation and similar historical patterns.
In September, Bitcoin often faces bearish trends, but optimism is high for a potential rally starting in October, supported by historical data and the upcoming US presidential elections in November.
At the time of writing, Bitcoin is trading around $56,600, marking a 3% increase over the last 24 hours according to CoinMarketCap data.
