BTC weekly RSI enters fourth oversold zone, historically followed by at least 350% rally

Bitcoin's weekly Relative Strength Index (RSI) has entered the oversold territory for the fourth time in its history, according to analyst Merlijn The Trader. He noted that previous weekly RSI oversold signals were followed by significant rallies of approximately 2,700% in 2019, 1,800% in 2020, and 350% in 2022. With the weekly RSI now in an oversold state again, the analyst suggested that the market's future direction hinges on whether Bitcoin can maintain support at the $65,000 level. If this price holds, it could signal the completion of an Elliott Wave 4 correction, potentially setting the stage for a Wave 5 rally targeting $140,000.