The cryptocurrency market has been on edge regarding Bitcoin’s (BTC) price movements, with lingering fears of a possible crash after the asset repeatedly failed to reclaim the $100,000 mark.
Amid these concerns, an analyst has observed that Bitcoin may not be on the verge of a bear market based on historical price movements.
Specifically, Ali Martinez highlighted that Bitcoin’s Relative Strength Index (RSI) shows the asset has yet to reach its peak in the current cycle, as he noted in a post on X on December 31.
Bitcoin price analysis chart. Source: TradingView/Ali_charts
According to the expert, Bitcoin’s market peaks coincided with the RSI surpassing the critical 92 levels in previous cycles. In 2013, the RSI breached 92 twice, signaling a major correction and the onset of a bear market.
Similarly, in 2017, the RSI surpassed 92 in August and December, marking the end of Bitcoin’s bull market and the start of a bearish phase. Most recently, in 2021, the RSI exceed
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