The observations of private trader and frequent CNBC contributor Alan Farley could give a glimmer of hope for troubled Bitcoin bulls.
official account: The last time block Leigong
was severely oversold, the largest cryptocurrency rose by more than 500% in just five months in the first half of 2022.
At that time, Bitcoin was coming out of the cruel crypto winter of 2018. However, due to the huge scope of losses, media coverage and regulatory scrutiny, the current crisis may differ from previous bear markets.
Nevertheless, past data show that investors have gained significant gains by buying Bitcoin at oversold levels. Flagship cryptocurrencies are considered oversold when the popular momentum indicator Relative Strength Index (RSI) falls below 30.
According to " USA Today ", Bitcoin bull market Mike Novogratz recently predicted that Bitcoin will be able to recover from this crisis. However, the cryptocurrency tycoon said small projects with little practicality are unlikely to survive the crisis. The long-term forecast for
Novogratz is $500,000 per Bitcoin. The billionaire firmly believes that this goal may be achieved in five years.
Meanwhile, Wall Street superstar stock picker person Cathie Wood recently doubled down on her company's overly optimistic forecast that Bitcoin will hit $1 million by the end of the century.
Bitcoin must soar 5,949% from its current level to achieve this price target.
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