The famous analyst said that Bitcoin’s RSI is in the oversold zone and this could be an opportunity to buy on dips.
At this time, while the level of 50,000 USD is being discussed, experienced analyst Ali Martinez analyzed the history of Relative Strength Index (RSI)one of the important arguments for price.
Accordingly, Martinez emphasized that Bitcoin’s daily RSI only reached the oversold zone three times in the past two years.
Noting that BTC’s RSI is currently at 28, the analyst said this indicates oversold conditions.
Say that historically, after the RSI reached the oversold zone three times in the past two years, Bitcoin experienced significant price increases of 60%, 63% and 198%Martinez argues that this drop could be a key opportunity to buy at the bottom.
“Over the past two years, Bitcoin’s daily RSI has reached the oversold zone three times, which subsequently caused the BTC price to increase by 60%, 63%, and 198% respectively.
With BTC currently below $62,000 and the RSI in oversold territory, this could be a key opportunity to buy on the dip!”
RSI is an indicator commonly used to identify overbought or oversold conditions in the market. When the RSI falls below 30, this indicates that the asset is oversold and the price may increase.
While the current RSI level gives a bullish signal for Bitcoin, don’t make your investment decisions based on a single data and indicator.
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