While Bitcoin continues to fluctuate around the $62,000 level, macro investor Jordi Visser pointed out a positive development for BTC.
Accordingly, Jordi Visser pointed to a notable development in Bitcoin’s technical outlook, stating that a bullish RSI divergence has occurred for the first time since the end of last year, and that this has changed his expectations for the coming months.
Visser states that the change in the RSI indicator positively affects expectations and argues that this should be seen as a buying opportunity.
Speaking on Anthony Pompliano’s YouTube channel, Visser stated that he detected this technical signal on the 4-hour RSI chart, indicating the possibility of a significant recovery after Bitcoin’s recent decline.
Bitcoin May Be Near Its Bottom!
According to the analyst, even though Bitcoin broke the $60,000 level and the price formed a new low, the RSI indicator remained above the previous low. This is considered a bullish divergence in technical analysis, indicating that selling pressure is weakening and buyers are beginning to gain strength.
Visser states that this technical outlook offers an attractive risk-return ratio for investors, arguing that a move above $60,000 could be considered a buying opportunity, while potential risks can be limited with stop-loss levels.
“As an investor, I think, ‘Okay, now that we get above 60, I can buy something and close myself off with a stop loss back below the lows.'”
Visser also stated that he believes Bitcoin is near its lowest point, but a drop to $50,000 or even $45,000 is not out of the question. “Do I think we’ll be above $100 in a year? Yes. So what difference does it make whether I bought something at $60 or another price?” he said.
FED Decision Has Critical Importance for Bitcoin!
At this point, Visser stated that he sees a 35% to 40% probability that the US Federal Reserve (FED) will raise interest rates at its July 29 meeting. However, he added that the assessments of FED officials regarding the possibility that artificial intelligence could increase inflation in the short term while having a deflationary effect in the long term indicate that they may be reluctant to raise interest rates.
In this context, according to the analyst, a scenario where the Fed keeps interest rates unchanged could support Bitcoin’s rise back above the $70,000 level.
*This is not investment advice.
