Bitcoin (BTC) could see a “huge” surge in value thanks to a rare event seen for the first time in seven years.
Popular Twitter analyst TechDev on Bitcoin’s Relative Strength Index (RSI) in your last post He pointed out the great similarities between this year and the 2013 bull market.
Stochastic RSI gives rare bullish signal
As the price of Bitcoin rose, the RSI rose with it. The current decline in the RSI from the “too bullish” zone indicates that there may be a temporary correction.
It may interest you: What is the Relative Strength Index (RSI)? How does it work?
On the other hand, looking at the big picture, it can be seen that the Stochastic RSI repeats its behavior in 2013. After starting 2013 at $ 13, Bitcoin rose to a record high of $ 1300 at that time.
The Stochastic RSI measures the relative strength and weakness of the Relative Strength Index itself.
Sharing a chart reflecting the situation, TechDev said: “Bitcoin has experienced a bullish monthly stochastic RSI crossover in the 20-80 range for the second time this cycle. This is a particularly positive intersection. It was seen in May 2020 and September 2021 ”and added:
“This intersection has only been seen twice in history, apart from the current cycle. Yes, it was right. May 2012 and September 2013. The three intersections above were followed by significant price increases ”.
The record could be broken in December
On the other hand, Bitcoin bulls may need to be patient for a while to see the top.
As noted by analyst Rekt Capital, this situation is somewhat related to historical BTC price data. The analyst believes that the new record in the price of Bitcoin will be seen in December, not October.
Furthermore, according to the analyst, the price of Bitcoin could also fall just above the current price level of $ 50,000 in November.
Based on historically recurring #BTC price trends over cycles …
Bitcoin could rise to ~ $ 63,500 in October
Then roll back to the low / medium level of $ 50,000 in November.
– Rekt Capital (@rektcapital) October 5, 2021
Rekt Capital’s views also coincide with those of PlanB, creator of the stock flow model. According to PlanB, Bitcoin could close October at $ 63K, November at $ 98K, and December at $ 135K in the worst case. The analyst made a correct prediction, saying that the largest cryptocurrency will close August at $ 47,000 and September at $ 43,000.