Data from earlier this month has indicated that Bitcoin is “mathematically programmed” to head to $200k or more. Popular Twitter TA Bitcoiner TechDev has indicated that the RSI data points to the bullishness. It appears that we are on the right track. #Bitcoin Monthly RSI Each cycle has had 2 peaks. 2021 now moving toward […] The post 200k Bitcoin Programmed? RSI Says Yes appeared first on CryptosRus.

200k Bitcoin Programmed? RSI Says Yes

Data from earlier this month has indicated that Bitcoin is “mathematically programmed” to head to $200k or more. Popular Twitter TA Bitcoiner TechDev has indicated that the RSI data points to the bullishness. It appears that we are on the right track.

The Relative Strength Index (RSI), an indicator used for “identifying overbought and oversold markets” at a certain price, suggests that bull run 2.0 for this cycle is well underway, but no where near done.

In each halving cycle, as indicated above on the bottom half of the image, shows that the RSI peaks slightly lower than the last cycle. According to some experts, this helps “identify a cycle top slightly in advance.” Now keep in mind, that data in the image was from 2 weeks ago. But as you can see, the RSI is no where near close to where it would be according to previous cycles, meaning that we still have massive room to grow.

TechDec points out that once we hit that 90 RSI level, it’s probably top. So where are we now? And where are we headed? Well, again, when looking at the RSI, it appears now we have broken a channel, and it is significant. According to historical data, TechDev stated: “Both times it bounced off the 1.272, it then broke the RSI channel EQ. This led to a 900% pump in 2013 & 2017.”

If history simply repeated itself, then Bitcoin could go to 370k, but according to TechDev, it is unlikely. However, all indicators, especially the RSI, make it clear we are not near top yet. However, many speculate that as Bitcoin has matured and become much, much larger, massive moves up and moves down will become more and more infrequent. Many even speculate that this halving cycle will be the last of its kind in terms of volatility–less of a blow off top and major crash going forward.

 

 

 

 

 

 

 

 

 

 

The above image also indicates that Bitcoin is just about ready to launch like prior cycles. And if this scenario played out, the bear market bottom would be ~$70k. This cycle, if it plays out as discussed above, truly could lead to hyperbitcoinization as central banks and institutions would basically be forced to buy.

And yet even more data shows that the RVI, a momentum indicator, indicates that Bitcoin has lots of room to run. It should be a fun Q4. Anyone giving the “bull trap” line or “sell the ETF news is coming” is delusional or dishonest.

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