Bitcoin Could Quickly Rebound Back Above $30K as BTC Price Follows This Historic Trading Pattern | Keyword Financial

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Bitcoin Could Quickly Rebound Back Above $30K as BTC Price Follows This Historic Trading Pattern

Apr 20, 2023

By Joel Frank | @joel-frank

Bitcoin could be in for a quick rebound back above the $30,000 level in the coming days if it follows in the footsteps of a historic trading pattern that looks to be unfolding.

According to an article released by Bloomberg, after Bitcoin has jumped by at least 3% one day only to then give back the entirety of this gain the next day during a broadly bullish period for the cryptocurrency, it typically rebounds by around 7% within a three-to-10-day period.

For reference, Bitcoin jumped 3% on Tuesday, before dropping 5% on Wednesday, meaning it is in the early stages of trading in line with this historic pattern.

If Bitcoin was to see a quick 7% jump from Wednesday’s close near $28,800, it would be back to just below $31,000.

According to Bloomberg, the above pattern has played out 17 times during bullish market periods over the last five years.

Bullish market periods were defined as Bitcoin’s 14-Day Relative Strength Index being above 50 (it was above 50 on Wednesday, but fell just below 50 on Thursday).

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