Strong Bitcoin Rally in Sight As Extreme Fear Grips BTC: Crypto Analyst Alex Krüger

Strong Bitcoin Rally in Sight As Extreme Fear Grips BTC: Crypto Analyst Alex Krüger


Economist and crypto analyst Alex Krüger believes that Bitcoin is poised for a massive rally as market participants turn extremely bearish on the top digital asset.

In a new tweet, Krüger tells his 82,900 followers that the Crypto Fear and Greed Index, which measures market sentiment, has plunged to a level not seen since the coronavirus-induced panic last year.

 

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“When the Crypto Fear & Greed Index gets this low, a strong rally often follows. The index is now as low as was the day after Black Thursday in 2020.”

Source: Alex Krüger/Twitter

According to Krüger, Bitcoin’s relative strength index (RSI), a technical indicator that tracks an asset’s momentum, is currently hovering at a level that is often followed by a massive move up in price.

“How much more hopium do you need?”

Source: Alex Krüger/Twitter

According to the analyst’s chart, Bitcoin has surged in value following an RSI drop to extreme oversold levels and recovery of key support

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