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The founder and CEO of Coin Bureau, Nic Puckrin, seems to expect the Bitcoin bottom to come soon. He shared important analytics data to back his statement.
Bitcoin has never been so oversold, he claims.
Bitcoin extremely oversold
Puckrin shared a Bitcoin chart from the Bitstamp exchange, showing that BTC RSI has dropped to 25.6, marking the lowest level in the history of this digital asset. This level is even lower than it was in 2022 when 3AC and Luna collapsed, triggering a massive bloodbath on the market. Back then, the RSI dropped to 28. It was followed by the bankruptcy of the FTX exchange later that year.
The Coin Bureau CEO believes that Bitcoin may fall lower, however, he feels certain that “a bottom could be coming soon.”
Bitcoin currently 50% down from ATH
This year, the world’s largest cryptocurrency has declined by approximately 50% from its historic peak of $126,000 reached in October last year. Over the past 24 hours, BTC has lost another 6.46%, falling from above $67,000 to $63,285 per coin.
Recent data shared by CryptoQuant reveals one of the core reasons behind Bitcoin’s recent collapse. The data comes from the largest U.S. crypto exchange as its premium has failed to recover despite the temporary rise. The Coinbase Premium Index’s 30-minute SMA has briefly managed to rise above zero but then went back down. It has remained negative for nearly 40 days in succession.
Historically, this pattern has preceded big Bitcoin price declines, reflecting the growing hesitation of financial institutions. It also indicates that a further downfall is possible amid broader market volatility.
Dan Burgin
Vladislav Sopov