Bitcoin is currently down 36% from its 2020 high, and 6.7% since the beginning of the year. The bears have a strong grip on the market as few assets are able to survive the COVID-19 crush on financial systems.
Models such as stock-to-flow are still on track and predicting huge gains after the halving event, but the market at the moment is screaming the opposite.
Relative Strength Index (RSI) is a momentum indicator that measures the magnitude of recent price changes to evaluate overbought or oversold conditions in the price of Bitcoin.
Analyst ‘PlanB’, who conceived the S2F model, has observed that the indicator has never been this weak before a halving.
This means that the signal is showing BTC is way oversold, which could lead to a reversal into bullish territory soon.
That said, the global economy is in tatters at the moment, and as fear grips the planet, people are turning to cold hard cash as their safe haven.
This is also likely to delay any bullish momentum for Bitcoin and crypto markets until the current crisis is under control . . . which could be some time yet.
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