Bitcoin (BTC) is headed to what is arguably a mathematically “programmed” all-time high of $200,000 or more, hints the latest data.
In a series of tweets on Oct. 4, popular Twitter commentator TechDev highlighted familiar bullish behavior in Bitcoin’s relative strength index (RSI).
2021 Bitcoin RSI simply follows the pattern
While still lingering below targets, such as those of the Stock-to-Flow model, BTC/USD is not short on bullish price predictions for this year and beyond.
The relative strength index (RSI), a classic indicator used for identifying overbought and oversold markets at a particular price, is joining them, suggesting that the second phase of the 2021 bull run is just getting started.
Just as Bitcoin price action has gone in four-year cycles, so too has the RSI exhibited patterns of behavior through the years.
“Each cycle has had 2 peaks. 2021 now moving toward its second,” TechDev explained.
In each four-year cycle, the RSI hits a peak at a level slightly lower than the last — this likewise helps to identify a cycle top slightly in advance. Where BTC/USD will be at the time, however, is a much less exact science.
“Interesting to note the eight-year down-trending resistance,” TechDev added.
“We hit that and it’s probably top. Or at least a place to seriously re-evaluate risk.”