The RSI is a technical indicator that measures the strength of a trend by comparing the magnitude of recent gains and losses. A low RSI reading can indicate that an asset is oversold and due for a rebound.
According to the trader, Bitcoin’s recent price drop to around $70,000 was likely a bottom for the cryptocurrency, and they expect to see a significant price increase in the coming weeks. They believe that Bitcoin’s current consolidation phase is setting the stage for a strong bullish move.
While it’s important to note that technical indicators are not always accurate predictors of price movements, the bullish sentiment around Bitcoin’s price at this time is encouraging for investors and traders alike. As always, it’s important to do your own research and consider all factors before making any investment decisions.
