The latest data indicate, Bitcoin (BTC) is certainly on the verge of a mathematically “programmed” high of $200,000 or more.
one in series of tweets On October 4th, popular Twitter commentator TechDev highlighted the familiar bullish behavior in the relative strength index (RSI) of bitcoin.
2021 bitcoin follows the RSI bus pattern
While still below targets such as stock-to-flow, BTC/USD is not short on bullish price forecasts for both this year and beyond.
The RSI, a classic indicator used to identify overbought and oversold markets at a particular price, is joining them, suggesting that the second phase of the 2021 bull run is just beginning.
Just as bitcoin’s price action has occurred in a four-year cycle, the RSI has also exhibited a pattern of behavior over the years.
TechDev explained, “Each cycle has 2 peaks. 2021 is now moving towards its second.”
Every four-year cycle, the RSI reaches a peak at a level slightly below the previous level – this likewise helps to spot the top of a cycle a little earlier. However, where BTC/USD will be at that point in time is much less an exact science.
“It is interesting to note the 8-year downtrend resistance,” TechDev said.
Further data suggests that this time around, the price of BTC could be around $200,000 or more.
“200-300K bitcoins almost look too programmed,” TechDev couple With a separate chart showing Fibonacci levels.
It likewise rests on a four-year halving cycle, with each peak being an order of magnitude higher than the previous. For 2021, this means that $20,000 from 2017 should become anything from $200,000 to $300,000.
This aligns well with the stock-to-flow cross-asset (S2FX) model, which calls for an average price of $288,000 during the current halving cycle ending in 2024.
Creator PlanB nonetheless stated that the local high could easily double the average during that time, taking bitcoin to over half a million dollars.