‘Large pump’ coming to Bitcoin, hints BTC price metric — But maybe not until December

0
549

Bitcoin (BTC) is set to see a “huge” price hike thanks to a rare bullish event that occurred for the first time in seven years.

In his latest update of the Bitcoin Relative Strength Index (RSI), popular Twitter analyst TechDev highlighted the key similarities between this year and the 2013 Bull Bull Run.

Stochastic RSI looks like a “particularly bullish cross”
With Bitcoin on the rise, the RSI is rapidly rising and is currently calming from the overbought territory, indicating a temporary, albeit modest, exit.

However, when zoomed out, the RSI stochastic is in the midst of repeating its moves from 2013, which have outpaced Bitcoin’s rally to then-highs of around $1,300. For comparison, the price of BTC/USD started at $13 that year.

Stochastic measures the relative strength and relative weakness of the relative strength index itself.

“Bitcoin had its second bullish RSI cross in a month between 20 and 80 in this cycle. Especially a bullish cross. September 2021 and May 2020,” TechDev commented along with a chart showing the action.

This crossover occurred only twice in history. You guessed it. September 2013 and May 2012. Large pumps followed all three previous intersections. ”

Bitcoin RSI Relative Strength Index vs BTC/USD Hanging Chart. Source: TechDev / Twitter
Is it quiet until December?
As impressive as it sounds, Bitcoin bulls may have to wait a bit longer before making their final push to the top.

On the topic: $50K Bitcoin is an ‘absolute bear trap’, says analyst, as BTC price struggles with a key level.

This is also thanks to historical BTC price data, which Rekt Capital analyst says shows all-time highs in December, not Uptober.

Additionally, November could see a return to current price levels of just over $50,000.

However, such a seemingly conservative prediction does not conflict with other popular models, notably PlanB’s monthly series of ‘difficult scenarios’, which produce ‘stock-to-flow’ models.

Forecasts require $63,000 for October, $98,000 for November, and at least $135,000 for the end of December. The August and September numbers — $47,000 and $43,000, respectively — were accurate.

Source: CoinTelegraph

LEAVE A REPLY

Please enter your comment!
Please enter your name here