Posted 4/11/2024, 7:26:00 AM
Bitcoin Soars Nearly 100% in 6 Months, But Overbought Conditions Hint at Possible Price Correction
- Bitcoin is up nearly 100% in the last 6 months, outperforming major assets like Nvidia, Ether, and the S&P 500
- Bitcoin's Relative Strength Index (RSI) is at 79, indicating potentially overbought conditions
- The RSI level suggests bitcoin's price may have risen too quickly recently and could correct lower
- Trader says bitcoin makes other assets "look like junk" in comparison to its performance
- Bitcoin began 2022 with an RSI of 45 before falling to 38 during the 2022 crypto winter
