Market Analysis

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

Stochastic RSI all but copies moves that sparked 2013’s all-time highs, but hodlers may be kept waiting until the very last minute this year.

Bitcoin (BTC) should see a “large” price increase thanks to a rare bullish phenomenon that has just hit for the first time in seven years.

In his latest update on Bitcoin’s relative strength index (RSI), popular Twitter analyst TechDev flagged major similarities between this year and the 2013 BTC bull run.

Stochastic RSI sees “especially bullish cross”

As Bitcoin heads higher, RSI has rapidly increased and is currently cooling from “overbought” territory suggestive of a temporary — even if modest — price pullback.

Zooming out, however, stochastic RSI is in the midst of repeating its moves from 2013, which preceded Bitcoin’s run to what were then all-time highs of around $1,300. For comparison, BTC/USD began that year at $13.

Stochastic RSI measures the relative strength and weakness of the RSI indicator itself.

Read more:  Bitcoin made me a 'ton of money' unlike stocks and gold — Jim Cramer

“Bitcoin had its 2nd bullish monthly stoch RSI cross between 20 and 80 this cycle. An especially bullish cross. Sep 2021 and May 2020,” TechDev commented alongside a chart showing the action.

Such a seemingly conservative prediction nonetheless does not conflict with other popular models, notably the “worst-case scenario” monthly close series from stock-to-flow model creator PlanB.

The forecasts demand $63,000 for October, $98,000 for November and at least $135,000 for the December monthly close. The numbers for August and September — $47,000 and $43,000, respectively — were exactly on point.

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