“Large Pump” comes to Bitcoin, suggests the BTC price metric – but maybe not until December

189
SHARES
1.5k
VIEWS
ADVERTISEMENT

Related articles


Bitcoin (BTC) should see a “big” price spike thanks to a rare bullish phenomenon that has just occurred for the first time in seven years.

In its latest update on Bitcoin’s Relative Strength Index (RSI), popular Twitter analyst TechDev pointed out great similarities between that year and the 2013 BTC bull run.

Stochastic RSI sees “particularly bullish cross”

As Bitcoin goes up, the RSI has risen rapidly and is currently cooling off from the “overbought” area, suggesting a temporary – albeit modest – price decline.

As you zoom out, however, the stochastic RSI is in the process of repeating its moves from 2013, which preceded Bitcoin’s run to its then all-time highs of around $ 1,300. For comparison, BTC / USD started at $ 13 this year.

The stochastic RSI measures the relative strength and weakness of the RSI indicator itself.

“Bitcoin had its second bullish monthly Stoch RSI cross between 20 and 80 this cycle. A particularly bullish cross. Sep 2021 and May 2020, “TechDev commented alongside a diagram showing the action.

“This cross happened only two more times in history. You guessed it. September 2013 and May 2012. Large pumps followed all 3 previous crossings. “

Bitcoin stochastic RSI vs. BTC / USD annotated chart. Source: TechDev / Twitter

Is everything quiet until December?

As impressive as that sounds, Bitcoin bulls may have to wait a little longer for the ultimate peak peak.

Related: $ 50,000 Bitcoin is the “ultimate bear trap,” the analyst says as BTC price battles for key levels

This is also thanks to the historical BTC price data, which, according to analyst Rekt Capital, show new all-time highs in December instead of “Uptober”.

In addition, there could even be a return to the current price level of just over $ 50,000 in November.

Such a seemingly conservative forecast does not contradict other common models, in particular the monthly closing series of the “worst-case scenario” by PlanB, the creator of stock-to-flow models.

The forecasts call for $ 63,000 for October, $ 98,000 for November, and at least $ 135,000 for the December month-end closing. The numbers for August and September – $ 47,000 and $ 43,000, respectively – were spot on.