Bitcoin Could Bottom Out Amidst Being Oversold

There are all kinds of bullish predicitons about the price of Bitcoin these days, despite the massive market volatility. Check out the latest reports.

At the moment of writing this article, BTC is trading in the red and the king coin is priced at $19,822.

A popular crypto analyst is predicting when Bitcoin (BTC) could bottom out. This prediction is based on BTC’s performance during the 2015 and 2018 bear markets.

Pseudonymous crypto strategist Rekt Capital has recently said that he believes Bitcoin will continue to trade in a choppy environment despite flashing oversold signals.

“This sort of uneventful BTC price action can still continue for quite a while. But that doesn’t change the conclusions of many data science models suggesting that price is tremendously oversold.”

Rekt Capital also shows that BTC’s monthly relative strength index (RSI) is currently hovering below the lowest levels of the 2015 and 2018 bear markets.

The RSI is an indicator used by traders to gauge the momentum of an asset’s trend. It’s also worth noting the fact that a falling RSI suggests strong bearish momentum.

“BTC monthly RSI has flicked up this month. But it’s a possibility that this flick up is to turn the green area – home to 2015 and 2018 bear market bottoms – into new resistance.”

An important digital assets manager says institutional investors are becoming more optimistic about Ethereum (ETH) after a long streak of capital outflows.

During the latest Digital Asset Fund Flows Weekly report, CoinShares finds Ethereum digital asset investment products have seen three consecutive weeks of inflows, breaking an 11-week run of outflows.

Other than this, the crypto market is struggling to recover following the latest price losses, and the overall sentiment seems to get better and better.

Stay tuned for more crypto-related news and make sure to check out the crypto market as well.