This Oversold Signal Has Triggered 350%, 1,800%, and 2,700% Bitcoin Surges Before

Although it has performed relatively well since the war in the Middle East broke out nearly a month ago, and has dwarfed gold in terms of gains within this period, bitcoin is far from its best shape observed in October last year. The cryptocurrency trades nearly 50% below its all-time high of over $126,000, but this continued sell-off could suggest a major…

Key takeaways

Quick scan — what you need to know:

• Although it has performed relatively well since the war in the Middle East broke out nearly a month ago, and has dwarfed gold in terms of gains within this period, bitcoin is far from its best shape…
• The cryptocurrency trades nearly 50% below its all-time high of over $126,000, but this continued sell-off could suggest a major reversal is on the horizon.
• Triple or Quadruple-Digit Gains?
• Popular trader and analyst Merlijn The Trader outlined this historical performance in a recent tweet, noting that the weekly RSI levels for BTC have plunged to such an oversold state for just a…

Background

What led here, in plain terms:

• The previous three examples were followed by mind-blowing gains: 2019: oversold.
• Then 2,700% rally.
• 2020: oversold.
• Then 1,800% rally.

Why it matters

Why readers and decision-makers should care:

• Bitcoin Fear and Greed Index.
• Source: Alternative.me The post This Oversold Signal Has Triggered 350%, 1,800%, and 2,700% Bitcoin Surges Before appeared first on CryptoPotato.
• In some of the previous occasions, the price gains were by up to 2,700% in months.