Bitcoin May Surge to $130K as Weekly RSI Enters Oversold Territory

Bitcoin's RSI and Historical Patterns: Bitcoin's weekly RSI has dropped near 30, a level historically associated with significant upward rallies, indicating potential for a recovery phase similar to past cycles in 2020 and 2022.

Current Market Structure: The current price structure shows characteristics of previous post-correction patterns, with sharp selloffs and long-wick reactions suggesting market exhaustion and possible transition to an upward trend.

U.S. Buying Pressure: The Coinbase Bitcoin Premium Index has turned positive, indicating renewed U.S. buying interest, which typically supports recovery phases during oversold conditions.

Potential Price Targets: Analysts speculate that Bitcoin could reach between $110,000 and $130,000, aligning with previous post-correction advances, although a massive rally like in 2020 is considered less likely in the current market cycle.