A Bitcoin at the bottom of an ocean
Expert Predicts 60% Surge as Bitcoin Hits Rock Bottom
In Brief
- • Key Takeaways:
Bitcoin has reached a highly oversold daily relative strength index (RSI), meaning it may be getting ready to rally. The top digital asset could potentially rise by 60% according to crypto analyst Lark Davis. There’s no sign of this recovery yet.
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- Bitcoin has just hit its lowest daily RSI since April, indicating the potential initiation of a big rally.
- Crypto analyst Lark Davis says the number one coin could rise by 60% based on previous data.
- However, there is no sign of such a recovery yet as Bitcoin is struggling to stay above $100,000.
According to Davis, the last time Bitcoin hit such a low RSI was in April, just prior to the rally that took the price above $100,000 in June.
This means it may also be getting ready to rally at this point as well if history repeats itself, but this is not always the case.
Bitcoin May be Gearing for a Fresh Rally
The RSI is a momentum indicator that shows when a market trend is about to change by indicating if an asset is oversold or overbought.
If it is overbought, that means it is time for investors to start selling. On the other hand if it is oversold as is the case with Bitcoin now, it is time for buyers to come in.
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The coming of buyers eventually leads to a price increase, which can directly trigger a rally. In the case of Bitcoin, Davis says it could rally 60% as was the case in April.
At the current price, this will take Bitcoin to roughly $160,000, which is more ambitious than the $150,000 another analyst predicted.
Bitcoin Shows no Sign of Recovery Yet
It is possible that Bitcoin is preparing for a 60% rally, but there are no obvious signs yet because the asset has failed to sustain an upward move.
At the time of writing this report, the biggest crypto by market cap is trading at $100,489, below the level which Davis earlier said it needs to close the week above as a sign of strength.
If Bitcoin fails to close the week right, the price may be going lower than expected with no rally in the short-term.
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