Swissblock: Bitcoin to Undergo Temporary Retracement, May Drop to $58,000

Swissblock reports that since the end of January, the price of Bitcoin has nearly doubled from $38,000 to its current level without any significant pullbacks, indicating that a correction phase might be imminent. Swissblock analysts state that no asset can rise continuously in a straight line, and Bitcoin is no exception. The prediction by the analysts is based on the 4-hour RSI technical indicator for Bitcoin. They note that despite the slight increase in Bitcoin’s price, the RSI has been consistently declining, forming a bearish divergence, which suggests the possibility of a price drop. Analyst Henrik Zeberg believes that the retracement could occur in the coming days, but from a larger cycle perspective, the pullback will only be temporary. He expects Bitcoin's next move to be down to the $58,000 to $59,000 range.