Bitcoin (BTC) is headed for a mathematically “programmed” all-time high of $ 200,000 or more, as the latest data suggests.
In one a bunch of tweets On October 4th, popular Twitter commenter TechDev highlighted the familiar bullish behavior in Bitcoin’s Relative Strength Index (RSI).
2021 Bitcoin RSI just follows the pattern
While BTC / USD is still below targets like the stock-to-flow target, BTC / USD is far from flawed when it comes to bullish price predictions, both this year and beyond.
The RSI, a classic indicator used to identify overbought and oversold markets at a given price, joins them, suggesting that the second phase of the bull cycle in 2021 is just beginning.
Just as Bitcoin price development has followed a four-year cycle, the RSI also shows behavioral patterns over the years.
TechDev explains, “Every cycle has 2 peaks. The second phase will begin in 2021, ”explains TechDev.
Every 4-year cycle, the RSI is slightly below the previous level – which also helps to easily predict the peak of the cycle. However, where BTC / USD will be at this point is a much less accurate science.
TechDev added, “It’s interesting to note the 8 year downtrend resistance.
Other metrics suggest that the peak price of BTC at this point could be $ 200,000 or more.
Related: BTC Bull Run “At Least 6 Months” – 5 Things To Watch For Bitcoin This Week
“200-300k Bitcoins looks like too much programming,” TechDev Add along with another chart showing Fibonacci levels.
Likewise, these cycles depend on a four-year halving cycle, with each peak being an order of magnitude higher than the last. In 2021, this means that by 2017, $ 20,000 will become anything between $ 200,000 and $ 300,000.
This is in perfect line with the stock-to-flow cross-asset model (S2FX), which calls for an average price of $ 288,000 during the current halving cycle ending in 2024.
However, Creator PlanB said the local high could easily double that average during this time, bringing Bitcoin to over half a million dollars.