You can also find out more about the following: Relative Strength Index (RSI) A cryptocurrency’s value is determined by its price. Bitcoin is no different. This indicator can be used to try to forecast the direction of the cryptocurrency price, given that it is the first to exist. next. This time the indicator turns bearish. the Bitcoin price could be headed toward further decline Here is a list of all the places you can go.
Analyst says RSI is turning bearish for Bitcoin
Alan Santana, a crypto analyst from TradingView.com has taken to his website to discuss the future of cryptocurrency. share A bearish trend for Bitcoin’s price. Analysis of Relative Stability Index (RSI) shows that the trend is still bearish as Bitcoin continues to drop.
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The Bitcoin chart shows the crypto analyst that the RSI has been flashing a bearish divergence for 3 years. It is backed by the RSI graph which shows a continuous decline Over the course of 2024 following a high point at the start.
Bitcoin’s RSI is down around 42 percent since the start of this year, from a high of 88 points to 50.6. Alan Santana shows the bearish divergence of this indicator using a larger timeframe, from 2021 to 204.
This divergence is bearish as the RSI index showed a higher high in 2024 compared the the 95 peak from 2021. This means, according to the analyst that the RSI indicator The Bitcoin indicator has now turned bearish for first time since august 2023. It is the most negative the Bitcoin indicator can be in just one year.
How low will the BTC price drop?
The analysis is conducted at the moment. the Bitcoin price During the period of writing, the crypto analyst had witnessed a massive drop in price from $70,00 to under $60,000 and then a slight recovery. The crypto analyst warns that this decline is not the end.
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Alan Santana predicts the following based on this chart: the Bitcoin price Once again, the price will drop by over 20%. The price would then drop below $50,000. Crypto analyst places the bottom at $44,000.
This forecast would be a sign that the price It would be the first time in 2024 that the price reached $40,000 again. The crypto analyst explained that it’s not all bad as it sounds. “This, and other signals, is telling us that there is room for lower prices; much lower, before we experience new highs and boom growth.”
Featured image was created with Dall.E chart, from Tradingview.com
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Source: www.newsbtc.com