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Bitcoin‘s meteoric rise may be entering a period of respite, Swissblock said. Swissblock, a digital asset analytics firm, said that Bitcoin, the world’s largest cryptocurrency, has been on a sustained upward trajectory, but analysts are now warning that a correction is imminent.
According to Swissblock, Bitcoin‘s rapid rise could be considered an indication of a pause, suggesting the possibility of a drop as low as $58,000. The price of Bitcoin has nearly doubled since late January, reaching all-time highs, and has been quickly devoured by buyers on those dips.
However, Swissblock analysts noted an alarming divergence between Bitcoin price and the relative strength index (RSI), suggesting that a correction is imminent. In a recent Telegram update, they wrote, “Nothing goes up in a straight line, not even BTC. A pullback seems imminent,” it said.
Swissblock’s warning is based on technical analysis, with a negative bearish divergence in the RSI on the 4-hour chart showing signs of weakening momentum as the Bitcoin price continues to rise. This suggests that a cooling period may be necessary for the cryptocurrency to sustain its uptrend. According to Swissblock analyst Henrik Zeberg, the pullback could take place in the next few days. However, despite the short-term correction, analysts remain optimistic about Bitcoin’s long-term prospects.
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