Bitcoin (BTC) is set to see a “big” price spike thanks to a rare bull run that just happened for the first time in seven years.
His newest To update In the Bitcoin Relative Strength Index (RSI), popular Twitter analyst TechDev highlighted the key similarities between this year and the 2013 BTC bull run.
Stochastic RSI shows “particularly bullish crossover”
As Bitcoin rose higher, the RSI rose rapidly and is now cooling off from the “overbought” zone, suggesting a temporary – albeit modest – pullback.
When zooming out, however, the stochastic RSI repeats its moves from 2013 before Bitcoin hit its all-time high of around $ 1,300. For comparison: BTC / USD started at $ 13 this year.
The stochastic RSI measures the relative strength and weakness of the RSI indicator itself.
“Bitcoin had its second bullish monthly RSI cross between 20 and 80 this cycle. A special cross raised. September 2021 and May 2020, “TechDev commented along with a diagram showing the action.
“This cross has happened only two more times in history. You guessed it. September 2013 and May 2012. The large pumps followed all of the previous 3 crosses. “
Everything quiet until December?
That sounds impressive, Bitcoin bulls may have to wait a while for the final push to the top.
Related: $ 50,000 Bitcoin is the “ultimate bear trap,” analyst says as BTC price battles for critical levels
This is also thanks to the historical BTC price data, says analyst Rekt Capital Shows In December there will be a new all-time high, not a “high”.
In addition, there could even be a pullback to current prices of just over $ 50,000 in November.
Based on repeating history #BTC Price development between cycles …
Bitcoin could soar to ~ $ 63,500 in October
Then back to low / mid $ 50,000 in November
– Rekt Capital (@rektcapital) October 5, 2021
However, such a conservative prediction does not contradict other popular models, in particular the monthly end of the “worst-case scenario” series by the creator of the PlanB warehouse flow model.
Forecasts call for $ 63,000 for October, $ 98,000 for November, and at least $ 135,000 for the December month-end closing. The numbers for August and September – $ 47,000 and $ 43,000, respectively – are correct.