An analyst crypto is oversold exceptional bitcoins in 30 days of the halving

April 17, 2020 by Océane

While there are not more than four weeks before the halving of the rewards of mining BTC will be effective, the bitcoin shows a rise in transaction volumes, according to a study of PlanB. The analyst crypto specifies that the relative strength index (RSI) of BTC is today lower than that of 2015 and 2018, indicating an explosion of sales.

An RSI of abnormally low

The RSI is a stock market indicator that reveals the evolution of the price of an asset following a value oscillating between 0 and 100. When it is low, that is to say, below 50, this is the sign of an oversold of the asset concerned during a determined period, which can range from thirty days to several months.
Recently, the RSI of bitcoin has been studied by the analyst PlanB, which has led him to the conclusion that BTC is entering a cyclical phase before the next halving of the platform, expected in 30 days. In this case, it was pointed out that the index “has never been so low prior to the reduction by half” with a value of 49 in a tweet, which was a record compared to the last several years.

An image of robustness for Bitcoin

In front of this RSI exceptionnelemnt down, PlanB and other analysts believe that the Bitcoin strengthens its robustness in the face of inflation and the liquidity with the halving coming up. In addition, the sale of the asset should not have a negative impact on the normal activities of the investors at the end of the process.
In-depth, the ratio of stock-to-flow linked to ROI, which has proved to be accurate during the difficult periods of the BTC, including the fall in the price to 3700$ in march, projects a bright future for the BTC. Thus, it provides a course of 100 000 $ on average by the end of the year 2021.
What do you think of this index RSI is Bitcoin ? Give your opinion in the comments section below.
(Be the FIRST to vote)

The latest articles by Océane (view all)

Cryptocurrency Market