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Bitcoin Forms Bullish Signal That Led To At Least 60% Jump Last 3 Times
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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Bitcoin Forms Bullish Signal That Led To At Least 60% Jump Last 3 Times

Keshav Verma
Keshav Verma
11 months ago
2 mins read
Bitcoin

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An analyst has pointed out how an indicator is forming a signal for Bitcoin that has proven to be quite bullish for the asset during the past two years.

Bitcoin Daily RSI Has Dipped Into The Oversold Territory

In a new post on X, analyst Ali Martinez has discussed the latest trend forming in the Relative Strength Index (RSI) for Bitcoin. The RSI is a popular technical analysis indicator that keeps track of the speed and magnitude of recent changes in BTC’s price. This metric represents its value on a scale from zero to a hundred.

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When the indicator has a value lower than 30, the cryptocurrency is oversold right now. Such a trend may lead towards a bottom for the asset’s price.

On the other hand, the metric above the 70 mark suggests the coin could be overbought currently and, hence, potentially due to a reversal towards the downside.

Now, here is the chart shared by Ali that shows the trend in the daily RSI for Bitcoin over the last couple of years:

Bitcoin RSI
The value of the metric seems to have dipped inside the oversold region recently | Source: @ali_charts on X

As displayed in the above graph, the daily RSI has recently observed a plunge for Bitcoin, which now sits under the 30 level. Thus, it would appear that BTC is turning oversold, at least according to this metric.

This development in the indicator has come as BTC has seen a crash in the past 24 hours that has taken its price below the $60,000 level for the first time since the start of May.

The latest plummet into the underbought region is the first time the indicator has dipped into this region since August of last year. Interestingly, the signal eventually led to a 197% rally for cryptocurrency.

Bitcoin also enjoyed a similar bullish effect during the other two occurrences of this trend from the past two years. The November 2022 signal resulted in a 60% surge, while the March 2023 one led to an increase of more than 62%.

As the daily RSI has once again dropped into this territory for the asset, it’s possible that its price could end up seeing a return of bullish momentum in the coming future. The analyst notes that this could make the current dip a prime opportunity to buy.

In the scenario that BTC does observe a rally arising out of this pattern similar to the previous instances, a run equal to the smallest surges (60%) would mean the cryptocurrency would rise to a new high of $96,000.

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Given this trend in the daily RSI, It remains to be seen how the price of the cryptocurrency develops from here.

BTC Price

Bitcoin had slipped under $60,000 earlier in the day, but the asset has since seen a small rebound to $60,200.

Bitcoin Price Chart
Looks like the price of the asset has plunged during the past few days | Source: BTCUSD on TradingView
Featured image from Dall-E, charts from TradingView.com
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Keshav Verma
Keshav Verma

Keshav Verma

Keshav is currently a senior writer at NewsBTC and has been attached to the website since June 14, 2021.

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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to.

In terms of official educational qualifications, Keshav holds a bachelor’s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions.

Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true.

Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn’t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment..

Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form.

Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new.

As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money.

Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn’t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs.

Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
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