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Here’s Why Bitcoin Is “About To Take Off” According to This Analyst

Here’s Why Bitcoin Is “About To Take Off” According to This Analyst
Prominent crypto analysts believe that Bitcoin may be on the verge of a significant rally. The stochastic relative strength index (StochRSI) on Bitcoin's weekly timeframe is currently oversold, indicating a potential accumulation phase before an upswing. One analyst points out that the last time Bitcoin was in this oversold territory, it surged about 80% from $60,000 to all-time highs. Another analyst suggests that Bitcoin is forming a bullish divergence in the daily timeframe, signaling a possible shift in momentum from bears to bulls. Additionally, $1.25 billion in stablecoins have been minted in the past 24 hours, leading to speculation that whales may be preparing to buy the dip. However, Bitcoin's price remains stagnant around $96,000 at present.

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