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Bitcoin’s Meteoric Rise Makes Everything Else Looks Like ‘Junk,’ Trader Says

Apr 10, 2024
  • Bitcoin continues to outperform major assets, with a near 100% increase in six months, surpassing Nvidia and the S&P 500.
  • The cryptocurrency’s RSI is 79.02, the highest since the 2021 bull market, indicating potentially overbought conditions.
In simpler terms, Bitcoin (BTC) is performing significantly better than most other assets as of now, making them seem less valuable according to Josh Olszewicz, a trader known as CarpoNoctom in the industry, in his recent analysis video.

According to CoinDesk’s indices, Bitcoin, the biggest digital asset globally, is currently priced above $70,000. Compared to the CoinDesk 20 Index, a benchmark for the most traded digital assets, Bitcoin has shown a growth of more than 10% since the start of this year.

Bitcoin’s Meteoric Rise Makes Everything Else Looks Like ‘Junk,’ Trader Says
Reflecting on the past six months, bitcoin has experienced a remarkable surge of nearly 100%, outperforming Nvidia (NVDA) with its approximately 88% increase, ether (ETH) with its 89% gain, and the S&P 500 (INX), which has only risen by about 18%.
Bitcoin’s Meteoric Rise Makes Everything Else Looks Like ‘Junk,’ Trader Says

If you’re engaged in investing and trading but fail to surpass Bitcoin‘s performance, then what’s the point? According to Olszewicz in his video, “almost everything seems insignificant when compared to Bitcoin.”

The RSI value for Bitcoin, which indicates the pace and magnitude of its recent price changes using a scale developed by J. Welles Wilder, has reached 79.02 – a level last seen during the peak of the 2021 bull market in October when it stood at 72.

An RSI (Relative Strength Index) value higher than 70 implies overbought conditions, signaling that an asset’s price might have increased too rapidly. This could potentially lead to a correction with lower prices. However, keep in mind that the RSI is merely an indicator and does not ensure accurate predictions.

In the start of the year, Bitcoin’s Relative Strength Index (RSI) was at 45. This indicator dropped down to 38 during the cryptocurrency market downturn in 2022.

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2024-04-11 10:33