Cryptocurrency analyst Ali Martinez shared with his followers on X that the Relative Strength Index (RSI) of Bitcoin is once again in the oversold zone. The analyst suggested that this could be a buying opportunity for the dip. Martinez emphasized that the daily RSI of BTC has touched the oversold zone three times in the past two years, with price increases of 60%, 63%, and 198% in each of those instances.
BTC fell below $60,000 on Monday but has since bounced back to that level. It continues to trade in the red zone, with a 3% decline on the daily chart, a 7.5% decline on the weekly chart, a 10.4% decline on the 14-day chart, and a 12.3% decline on the monthly chart.
Meanwhile, Samson Mow has guaranteed that Bitcoin will still reach $1 million by 2025. The recent drop in Bitcoin may be due to miners selling their shares when the price of mining one Bitcoin exceeded $86,000 last week. Additionally, there is a lack of new capital entering the market, and investors are becoming increasingly fatigued.
Will Bitcoin recover this week? Martinez claims that the price of Bitcoin has always been higher than its average mining cost. Last week, the average cost of mining Bitcoin was $86,000, indicating that Bitcoin may surpass this number and reach new highs.
Experts at CoinCodex have made an optimistic prediction for the future trend of Bitcoin in the coming weeks. The platform forecasts that BTC will reach $81,972 on July 19th, with a growth of 35.19% from the current level by 2024.
The decrease in the inflation rate in the United States in May may reignite hopes for interest rate cuts. The decrease in inflation could enhance investor confidence and lead to more capital flowing into higher-risk assets such as Bitcoin.
