Bitcoin (BTC) fell by 10% over the last 2 weeks. The price dropped from $98,000 down to $86,000. This high level of selling has caused the cryptocurrency’s flagship to reach levels that have not been seen since 2024.
Bitcoin is oversold, time to buy?
According to a X post Ali Martinez is a seasoned crypto-analyst who believes that BTC entered an oversold state it had not seen since August 20,24. The Relative Strength Index for Bitcoin (RSI) has fallen to its lowest level since the past seven months.
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The RSI, for those who are not familiar, measures Bitcoin’s movement on a scale ranging from 0 to 100, where values over 70 signify overbought situations and under 30 indicate levels of oversold. BTC RSI fell below 30, indicating that it may be oversold.
Notably, the last time BTC was this oversold – in August 2024 – it led to a 33% price surge, pushing the digital asset from $49,000 to $64,000 in two weeks. BTC’s price could rise to $110,000 if it follows a similar path today.
The Wolf of All Streets, a well-known crypto investor, had similar views on Bitcoin’s RSI. Investor shared this 4-hour chart. saying:
Divergence bullish with RSI oversold still in full force. RSI continues to make a higher high. There needs to be a clear direction. “elbow up” The next candle will confirm. There is nothing here.
Crypto analyst Rekt capital predicts BTC could still experience further losses. Analysts noted that BTC was getting close to closing the gap created by CME between November 2024 and $78,000-$80,700.
CME gaps are the differences in prices between the last Bitcoin price traded on CME prior to the weekend and when the CME reopens. Bitcoin often fills in these gaps during a market correction. The gap acts as price resistance or support.
Mixed Opinion On BTC Price Action
Recent crypto market declines have led to a split in opinions between analysts. As an example, former Glassnode analysts recently split their opinions. said The odds are that you will be in a bearish market “not large.”
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Andre Dragosch is the European Head of Bitwise’s Research. indicates BTC is currently undervalued. Standard Chartered, on the other hand, believes that BTC is undervalued at current market prices. predicts There could be another drop of 10% in BTC prices.
The long-term case for Bitcoin is bullish, even though opinions on its short-term price movement may be split. remains intact. BTC was trading at $84,963 as of press time. This is down 2.4% over the last 24 hours.
Charts by TradingView.com and X, with images provided by Unsplash.
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Source: www.newsbtc.com
