Bitcoin (BTC) is currently on track to reach an all-time high of $200,000 or perhaps higher.
According to TechDev’s tweets on Oct. 4, Bitcoin’s relative strength index has been behaving in a familiar manner.
📈 The RSI for Bitcoin in 2021 Basically Follows the Pattern
Even though BTC/USD is now trading below key price forecasts, there are plenty of bullish price predictions for the rest of the year.
One of the tools for these predictions is RSI, which is an indicator for overbought and oversold equities.
This tool has shown that there are two peaks in each cycle and by using this, a lot of spectators such as TechDev believe that we are in the second half of the bullish run of 2021.
Every four years, the RSI reaches a peak that is somewhat lower than the previous one; this helps pinpoint a cycle’s top slightly earlier than it would otherwise.
However, exactly predicting where BTC/USD would be at a certain time is a difficult task.
“This eight-year down-trending resistance is interesting to note”, says TechDev.
🤔 “Excessively programmed” Second RSI Peak?
Other data suggests that the next BTC price peak could reach the range of $200,000 or more.
“200–300,000 #Bitcoin appears almost too programmed,” the TechDev wrote, adding another graphic depicting Fibonacci levels.
This data is also based on a four-year halving cycle, for each peak being an order of magnitude greater than the previous one.
The data indicates that by 2021, the $20,000 peak in 2017 should have increased to between $200,000 and $300,000.
This data is also consistent with the Stock-to-Flow Cross-Asset model, which forecasts an average price of $288,000 for the remainder of the current halving cycle, which ends in 2024.
PlanB, the author of Stock-to-Flow, has stated that local highs over that time period may likely exceed that average, valuing Bitcoin at well over half a million dollars.
