Bitcoin ($BTC) has recently bounced back from the oversold zones. As per the data from the crypto analyst Javon Marks, Bitcoin’s rebound from the oversold zone could lead to another bull run. The crypto analyst took to social media to discuss Bitcoin’s movement toward another likely price rally.
Bitcoin Rebounds from Oversold Territory, Heading for Another Price Upturn
The analytics provided by Javon Marks take into account the Wave Trend Oscillator (WTO). With this, the crypto analyst highlights that Bitcoin has recurrently spiked to exclusive highs following the oscillator’s pullback from the significant oversold levels. In line with the data, from the start of 2023 to this day, several instances have taken place comprising this pattern. Every time, oscillator plunged below the chief oversold threshold.
Based on the historical data, these WTO recovery points have served as the onsets to robust uptrends in the price of Bitcoin. Interestingly, each rebound from such oversold levels aligns with massive bull runs, resulting in exclusive cycle highs or local highs. At present, Bitcoin has again entered and rebounded from its oversold WTO zone.
Hence, every time that the Wave Trend Oscillator of Bitcoin touched and rebounded from oversold territories, a huge price bull run. This time, the respective development has repeated, underscoring the likelihood of another impending bull run. In this respect, this could indicate a bullish setting while Bitcoin endeavors to strengthen its position following a consolidation period.
Potential Bull Requires Persistence Market Behavior as Witnessed in Previous Cycles
According to Javon Marks, the past performance of Bitcoin shows a considerable potential for another repetition. Thus, if the same pattern persists, the chief crypto asset could move toward another substantial uptake in the present cycle. Meanwhile, the market onlookers keep looking for the signs of a likely price leg up.
