Happycoin.club - With Bitcoin consolidating near the $60,000 level, the major cryptocurrency's Relative Strength Index (RSI) reached its highest oversold level in more than 300 days.
Specifically, the RSI reached 30, which was last seen in September 2023 and preceded more than three months of consolidation below key resistance at $30,000. This information was shared by a cryptocurrency analyst under the pseudonym Jelle.
Taking into account the previous model, the expert concluded that if history repeats itself this time, the largest cryptocurrency could expect more than three months of consolidation below $70,000.
However, after this stage is completed, according to Jelle, there is every reason to expect parabolic growth.
It is no coincidence that crypto whales and retail crypto traders are taking the opportunity to buy on the dip while the price of Bitcoin is relatively low. They have no doubt that BTC will inevitably rise to the levels predicted by many market experts, from $100,000 this year to tens of millions in the next few years.
Professional crypto trader Ali Martinez is confident that now is the ideal time to buy Bitcoin that has dropped in price.
Analysis of the Bitcoin RSI indicator. Source: Ali Martinez
