Is Bitcoin (BTC) on the mend? The famous analyst commented.

A technical indicator called the Chande Momentum Oscillator (CMO) is signaling a potential price reversal for BTC.

#Bitcoin (BTC), which has experienced a significant 10 percent drop in the past two days, is now preparing for a reversal, as shared by a crypto expert. On September 7, 2024, crypto analyst Trader Alan shared a post on X (formerly Twitter) stating that the technical indicator called the Chande Momentum Oscillator (#CMO ) is signaling a potential price reversal for Bitcoin. According to the indicator, BTC could rise to $57,500 in the coming days and then to $65,000.

After reaching an all-time high of $73,777 in March 2024, BTC has been moving in a descending channel pattern ever since. The analyst noted that when #BTC reached the bottom of the channel pattern, the technical indicator CMA touched the recovery trigger zone, and the price of BTC began to recover significantly and rise.

Looking at the cyclical price movements, it seems that $BTC is likely to rise to $57,500 and $65,000 in the coming days.

As of writing, #BTC is trading at $54,480, up 0.8 percent in the last 24 hours. In addition, trading volume fell by 25 percent in the same period, indicating that traders are cautious due to the recent market sell-off. BTC’s open interest has remained stable over the last 24 hours. However, it has been steadily decreasing since September 3, 2024, indicating a decrease in investor interest.