Is Bitcoin entering a bear market? Listen to what on-chain analysts have to say.

On-chain analyst Ali shared data indicating that, based on historical patterns, each Bitcoin bear market begins when the monthly Relative Strength Index (RSI) reaches 92. Currently, this monthly RSI indicator is at 75.

This means that, according to Ali's observations, the current Bitcoin market has not yet shown the typical RSI signal for entering a bear market. When the monthly RSI reaches a high level like 92, it could indicate that the market is overbought, which may serve as a warning sign for an impending price correction or trend reversal. However, with the current RSI value at 75, although it is also in a relatively high range, it has not yet reached the historical bear market starting level pointed out by Ali.

Of course, historical data cannot represent the present. But it is still a good reference.