Bitcoin to Correct to $6,000s: Technicals Suggest BTC Remains Overbought

Bitcoin (BTC) may seem like an unpredictable asset, but through its decade of existence, patterns have been found. One of these patterns, or rather a multitude of them, is currently signaling that the cryptocurrency is poised to scale back further.

While Bitcoin’s three-day chart looks surprisingly bullish, despite last week’s collapse from $9,100 to $7,500, analyst Crypto Thies is calling for BTC to fall further. In a recent tweet, the analyst remarked that every time BTC neared the top of the Relative Strength Index’s oscillator at 92 to 95, Bitcoin dumped by “over 30% in the following months, before continuing onward”.

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