Renowned analyst Willie Wu believes that Bitcoin (BTC) is at the start of the next “big rally”, and that the top level will not be reached until the end of 2021.
In one of many recent Twitter discussions on November 11th, the creator of the stats site Woobull provided new evidence that the bitcoin price spike is just beginning.
Woo: Bitcoin RSI ‘just up’
By downloading a chart showing the Bitcoin Relative Strength Index (RSI), Wu pointed out the similarities between the current metric behavior and the behavior in early 2017.
The green circle represents what we got to in this overall cycle. He commented on the start of the main bull (if not already evident).
“The Relative Strength Index BTC is only gaining momentum. The red headers are the two halves that give a bullish impulse to the supply shock.”
The Relative Strength Index (RSI) looks at price movement over a period of time. The calculation includes the ratio between the average of the final highest and lowest values for the period.
Wu used his RSI chart for 365 days, and his readings are based on his location during the previous update in July. At the time, Bitcoin ended the so-called RSI squeeze, which was accompanied by a series of higher lows and lower peaks in the price of BTC.
In July, Wu predicted that the beef race would start in the last quarter of 2020 and continue through 2021 – which is still a reality. It is now suggested that the new bullish phase will only reach its climax in one year.
When asked about the potential peak, he replied: “My choice is December 2021, you have to sell to pay taxes like last time.”
2021 will be the year of Bitcoin price records
According to Cointelegraph, Wu isn’t the only person to claim that Bitcoin’s performance in recent weeks is an anomaly that will later correct this defect.
Real Vision CEO Raoul Pal and co-founder of Gemini Stock Exchange Tyler Winklevoss said that a new full-time job for BTC / USD will be reached by the first quarter of next year.
Meanwhile, the technical issues that accompanied the increase to $ 16,000 disappeared thanks to the automatic adjustment of the difficulty of breaking bitcoins, with fees and the number of unconfirmed transactions falling to nearly zero this week.
Another reduction, estimated at 6%, must be made within four days.