As Bitcoin moves towards the second RSI peak, the $200,000 BTC price is “programmed”

Bitcoin (Bitcoin) The latest data suggests that it can be said to be a historical high of $200,000 or more for “programming” in mathematics.

in a Series of tweets On October 4th, popular Twitter commentator TechDev highlighted the familiar bullish behavior in Bitcoin’s Relative Strength Index (RSI).

Bitcoin RSI in 2021 just follows this pattern

Although still hovering below targets such as stock circulation, BTC/USD is not lacking in bullish price forecasts for this year and beyond.

RSI, one Classic indicators Overbought and oversold markets, which are used to identify specific prices, are joining them, indicating that the second phase of the 2021 bull market has just begun.

Just as the Bitcoin price trend takes a four-year cycle, so has the behavior pattern that RSI has shown over the years.

“Each cycle has two peaks. 2021 is now moving towards the second,” TechDev explained.

In each four-year cycle, the RSI peaks at a level slightly below the last level-this also helps to determine the top of the cycle in advance. However, the position of Bitcoin/USD at the time was an inaccurate science.

“It’s interesting to pay attention to the 8-year downside resistance,” TechDev added.

“We have reached it, and it may be the highest. Or at least a place where risks are seriously reassessed.”

Bitcoin RSI and BTC/USD annotated chart.Source: TechDev/Twitter

“Too programmatic”?

Further data indicates that the highest price of BTC this time may be 200,000 US dollars or more.

related: The BTC bull market still has “at least 6 months”-5 things worth paying attention to in Bitcoin this week

“200-300K Bitcoin looks almost too programmatic,” TechDev Add to Next to it are different charts showing Fibonacci levels.

These also depend on the four-year halving cycle, and each peak is an order of magnitude higher than the previous one. For 2021, this means that $20,000 in 2017 should become any amount between $200,000 and $300,000.

This coincides with the stock-to-liquid cross-asset (S2FX) model, which requires an average price of $288,000 during the current halving cycle that ends in 2024.

Nevertheless, Creator PlanB stated that during that period of time, local highs could easily be Twice the average, Making Bitcoin worth more than half a million U.S. dollars.