Bitcoin Plunges to Historic Lows, Traders Experience Extreme Fear

Bitcoin's price has been on a downward spiral in recent weeks, with the Crypto Fear and Greed Index hitting an all-time low of 5 out of 100. This extreme fear is reflected in the market's technical indicators, including the weekly Relative Strength Index (RSI), which has reached one of its lowest levels in history.

According to data from Galaxy Digital's lead researcher Alex Thorn, Bitcoin's RSI has only been lower since the 2018 bear market. This suggests that the asset is deeply oversold and may be due for a rebound.

However, not all analysts agree on this interpretation. Checkmate, founder of checkonchain.com, argues that Bitcoin's price decline may still have further to go before it reaches its bottom. He advises investors to ignore bearish sentiment and accumulate Bitcoin at these temporarily low prices.