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Bitcoin Price Slump Ahead, Says Analyst
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investopedia.comEven as Bitcoin (BTCUSD) enthusiasts celebrate the setting of another price record, technical analysts are sounding the alarm on the cryptocurrency's current rally. Miller Tabak Chief Strategist Matt Maley told CNBC that Bitcoin's upward trend could hit a wall around the New Year. According to Maley, the cryptocurrency is in an overbought state, meaning that it has too much liquidity in its markets, and this could trigger a selloff by investors interested in booking their profits.
The analysts referenced the cryptocurrency's high relative strength indicator (RSI), a technical analysis indicator that measures overbought or oversold conditions. A stock with an RSI of over 70 is in an overbought state. During the cryptocurrency's price run-up
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