Panic in the Bitcoin Streets

As Bitcoin (BTC) traders cling to their wallets in fright, some analysts are waving the bullish banner high. Enter Filbfilb, co-founder of the trading platform Decentrader, who suggests that there might be more upside than downside for Bitcoin. Apparently, in the throes of market mayhem, he has spotted over 20 indicators suggesting Bitcoin is set for a hot comeback.

Numbers Don’t Lie—Well, They Often Do

The Bitcoin price found a friendly pulse, surging up to $49,300 alongside the equity markets after some remarks about U.S. monetary policy. However, it quickly decided to settle down, doing the cha-cha below the $49,000 mark. Not exactly the kind of party all traders were hoping for.

Fear, Greed, and Bitcoin

Interestingly, safety in numbers may not apply to the Crypto Fear & Greed Index, which is wallowing at a mere 29 out of 100—an indicator many see as a sign of doom and gloom. Filbfilb, however, argues that’s a misreading of the market script. “Basically looking at it, I think there is reason to think that there is enough there to think that we could break to the upside,” he asserts, clearly unfazed by the bearish atmosphere.

21 Signs of a Bullish Uprising

Analysts may just be the modern-day Nostradamuses, but Filbfilb has listed 21 bullish triggers that could signal an upswing for Bitcoin, including:

• Seller exhaustion
• Miner accumulation
• A plethora of positive on-chain metrics

Conversely, the bearish side is sticking with just four distress signals—because why complicate life unnecessarily? Those include a lost moving average and a few ominous bear signals that send shivers down the spines of every HODLer.

Stoch RSI: The Change is Coming

Gone are the days of merely crying into your coffee over falling prices. According to TechDev, a well-known Twitter personality and market analyzer, the stochastic relative strength index (stoch RSI) is lining up for a potentially rare bullish turnaround. “BTC 3-day hidden bull div getting ready to play out in my opinion,” he states, perhaps while nervously sweating over his crypto portfolio.

A Watchful Eye on the Chart

Meanwhile, Jeff Ross, the founder of Vailshire Capital Management, proclaims we are nearing yet another bottom on the weekly Bitcoin chart. “Check out the last four stochastic RSI (14) bottoms since late 2019… We are at or near #5,” he quips, probably rising to the occasion when his morning coffee kicks in. Will it help revive Bitcoin’s fortunes? Only time will tell.