Bitcoin Bear Market: Analyst Sees Signs of Reversal, Targets $70,000 Breakout

Bitcoin has been stuck in the low $60,000s since February after hitting what analyst Jamie Coutts calls a capitulation low. The price has mostly moved sideways with one counter-trend rally of about 30%, which he says is normal behavior for Bitcoin bear markets.

Coutts believes that until Bitcoin breaks above the high $70,000s, this is still a probability game rather than a done deal. He points to weekly RSI divergences as his go-to signal for spotting when a downtrend is losing steam.

RSI divergence occurs when price keeps falling but momentum indicators stop confirming the drop. It's a warning sign, not a green light, and Coutts has already seen this pattern in September and October last year, where Bitcoin kept hitting new highs while momentum quietly weakened underneath.