Bitcoin (BTC) can rise to $ 92,000 in the next two weeks and “still” keep up with its previous performance, according to new data.
In a tweet on Wednesday, PlanB, the analyst behind the stock-to-flow family of Bitcoin pricing models, noted that BTC / USD is still holding a lot of energy despite this week’s gains.
PlanB focused on Bitcoin’s Relative Strength Index (RSI), a classic metric used to show the progress of price runs in particular.
RSI can provide useful insight into whether Bitcoin is overbought at any given point in its bull run, while the opposite – oversold – is also true.
As Cointelegraph reported, PlanB highlighted the metric’s cues for Hodler over the past year, including during the spring bear market lows and August as sentiment prepared for the bull run that continues to this day.
RSI currently measures 92/100. This is near the top of the range, but at least three points behind the peak of Bitcoin’s 2013 and 2017 bull runs – much more upside is required to match these.
“Bitcoin looks strong at RSI 92. Still not above RSI 95 as in the bull markets of 2017, 2013 and 2011,” summarized PlanB.
“I calculated the BTC price for RSI 95 at the end of April: $ 92,000. Let’s see what Coinbase’s IPO will do today. “
What’s on a public list?
For those who consider $ 92,000 too optimistic, PlanB isn’t the only one predicting more, not less, vertical movements of Bitcoin in the future. This week, the latest graph, showing BTC’s performance in 2021 compared to 2013 and 2017, also showed that Bitcoin is actually behaving “modestly” and not increasing too quickly.
PlanB, meanwhile, touched on an important Coinbase exchange event scheduled for Wednesday: its Nasdaq debut.
Despite fears that this could lead to a sell-off – behavior typical of a related move, the IPO – Coinbase’s direct listing is hailed as a turning point for cryptocurrency.
Therefore, with its new status, Coinbase could usher in a similar new era for Bitcoin and Altcoins, with price promotions potentially anticipating the future.
With a pre-debut valuation of around $ 149 billion, Coinbase will effectively be the ninth-largest “bank” in the world by market capitalization, figures posted online on Wednesday showed.