Now is a perfect time to buy Bitcoin according to this indicator
Given the ever-changing trends in the cryptocurrency market, determining the right time to buy assets like Bitcoin (BTC) is a serious challenge.
However, a well-known crypto trading expert pointed out an indicator that simplifies this task.
Ali Martinez highlighted that the 14-period Relative Strength Index (RSI) has consistently identified the ideal time to buy Bitcoin during price dips.
Imagine having one indicator that signals the perfect time to buy the # Bitcoin dip... Keep it simple, folks, and study the daily $ BTC RSI! pic.twitter.com/y1JEErdLgs
— Ali (@ali_charts) June 25, 2024
A review of the analyst's charts shows that the RSI, which assesses the speed and change of price movements to identify overvalued or undervalued conditions, has reliably predicted the future performance of Bitcoin's price.
READ MORE:
Meme Cryptocurrencies with an impressive 1,834% year-to-date gainAn RSI score below 30 indicates an undervalued condition, which is an ideal buying opportunity during the price decline.
On June 25, Martinez also noted that the fear and greed index of BTC shows fear by advising his followers to “be greedy when others are afraid', meaning they should be buying Bitcoin when others are avoiding it.
#crypto market sentiment has turned into fear. be greedy when others are fearful! pic.twitter.com/Cysesda5PD
— Ali (@ali_charts) June 25, 2024
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
