The weekly RSI indicator for Bitcoin has reached the highest level since the last time it was oversold:

- End of the 2018-2019 bear market

- March COVID-19 pandemic crash

- End of the 2022 bear market

I'm not saying the bottom is near. Absolutely not.

We could still drop another 40%, who knows.

In 2018, $BTC went oversold, and the stock price fell by 49%. In 2022, the stock price fell again by 58%.

The time required for these bottoms to form may be much longer than you think, and the pain they bring may also be more than you imagine.