CRYPTO

Bitcoin is heading towards the second RSI peak as the $ 200K BTC price is ‘programmed’


Bitcoin (BTC) is theoretically “programmed” mathematically leading to the all-time high of $ 200,000 or more, the latest data indicators.

A A series of tweets In October, popular Twitter commentator TechDev highlighted the bullish behavior known as Bitcoin’s Relative Strength Index (RSI).

2021 Bitcoin RSI simply follows the pattern

Despite being below targets such as stock-to-flow, BTC / USD is not below the price forecast for both this year and beyond.

The RSI, a classic indicator used to identify excess purchases at a particular price and the oversold market, joining them, suggests that the second phase of the 2021 bull race is about to begin.

As the four-year cycle of Bitcoin prices continues, the RSIO has shown a pattern of behavior over the years.

“Each cycle has 2 peaks. 2021 is now moving towards its second,” Tekdev explained.

Every four-year cycle, the RSI hits a peak at a level slightly below the end – this similarly helps to identify the top of a cycle a little earlier. Where BTC / USD will be at that time is, of course, much less accurate science.

“It’s interesting to note 8 years of downtrending resistance,” TechDev added.

“We hit it and it’s probably at the top. Or at least a place to reassess the risk.”

Bitcoin RSI vs. BTC / USD note list. Source: Tekdev / Twitter

“Too programmed”?

Further figures suggest that the value of BTC could be around $ 200,000 or more at this time.

Related: BTC Bull Run ‘Must Go At Least Months’ – 5 Things To See In Bitcoin This Week

“200-300K Bitcoin looks almost very programmed,” TechDev said Added Showing a different chart as well as Fibonacci levels.

These are similarly dependent on a half-cycle of four years, with each peak having a higher order of magnitude than the end. For 2021, that means 2017 20,000 from 2017 should be $ 200,000 to $ 300,000.

This nicely matches the stock-to-flow cross-asset (S2FX) model, which claims an average price of 28 288,000 during the current half-cycle ending in 2024.

Creator PlanB still says that local altitude could easily double the average at that time, leaving Bitcoin above half a million dollars.