Bitcoin (Bitcoin) You should see a “significant” price increase, thanks to the rare bullish phenomenon that has occurred for the first time in seven years.
In his recent renew On Bitcoin’s Relative Strength Index (RSI), popular Twitter analyst TechDev pointed out the main similarities between this year and the 2013 Bitcoin bull market.
Stochastic RSI sees “particularly bullish crossover”
As Bitcoin rises, the RSI has risen rapidly and is currently cooling from the “overbought” zone, which indicates that there will be a temporary-even moderate-correction in prices.
However, scaling down, the random RSI is repeating its trend since 2013, before Bitcoin soared to its then all-time high of $1,300. In contrast, the opening price of BTC/USD that year was $13.
Stochastic RSI measures the relative strength of the RSI indicator itself.
“Bitcoin’s second bullish monthly Stoch RSI cross in this cycle is between 20 and 80. A particularly bullish cross. September 2021 and May 2020,” TechDev commented beside the chart showing action.
“This cross has only happened twice in history. You guessed it. September 2013 and May 2012. The large pump followed all 3 previous crosses.”
Is it quiet until December?
Although it sounds impressive, Bitcoin bulls may have to wait a while before they finally reach their peak.
This is also due to historical BTC price data, analyst Rekt Capital said show It set a record high in December, not “Uptober”.
More importantly, November may even retreat to the current price level of slightly higher than $50,000.
Recurring based on history #BTC Inter-cycle price trends…
Bitcoin may rebound to around $63,500 in October
Then it retreated to a low/median level of $50,000 in November
— Rekt Capital (@rektcapital) October 5, 2021
Nevertheless, this seemingly conservative forecast does not conflict with other popular models, especially the “worst-case” monthly closing series, which comes from PlanB, the creator of the inventory-to-flow model.
The forecast requires that October is 63,000 USD, November is 98,000 USD, and the monthly closing price in December is at least 135,000 USD. The figures for August and September – 47,000 USD and 43,000 USD respectively – are Just right.