New data suggests that Bitcoin (BTC) is headed for an all-time high mathematically “scheduled“Of $ 200,000 or more.
released on October 4, well-known commentator TechDev highlighted a familiar bullish behavior in Bitcoin’s Relative Strength Index (RSI).
#Bitcoin Monthly RSI— TechDev (@TechDev_52) October 4, 2021
Each cycle has had 2 peaks. 2021 now moving toward its second.
Interesting to note the 8 year downtrending resistance.
We hit that and it's probably top. Or at least a place to seriously re-evaluate risk. pic.twitter.com/yW0psp5Qv3
Bitcoin’s RSI in 2021 simply follows the pattern
While remaining below the stock-to-flow model targets, BTC / USD is not short of bullish forecasts for both this year and the next.
The RSI, a classic indicator used to identify overbought and oversold markets at a given price level, joins the positive factors, suggesting that the second phase of the 2021 bull run is only just beginning.
Similar to the four-year cycles of Bitcoin price action, the RSI has also exhibited patterns of behavior throughout history.
“Each cycle had 2 peaks. That of 2021 is now heading towards the second,”Explained TechDev.
In each four-year cycle, the RSI has peaked at a slightly lower level than the previous one, helping to identify the high of the cycle slightly earlier. However, the price at which BTC / USD will stand at that time remains uncertain.
“Interesting to note the decreasing resistance for 8 years,TechDev added.
“Once reached it probably marks the maximum, or at least a point in which to seriously reassess the risk.”
Other data suggests that BTC’s high price could be $ 200,000 or more this time around.
Related: ‘At least 6 more months’ of bull run for BTC: 5 things to watch in Bitcoin this week
“Bitcoin at $ 200,000-$ 300,000 seems almost too planned,”
These too are based on a four-year halving cycle, with each peak an order of magnitude higher than the previous one. For 2021, this means that the ATH at $ 20,000 in 2017 should place the next high between $ 200,000 and $ 300,000.
This accurately coincides with the stock-to-flow cross-asset (S2FX) model, which anticipates an average price of $ 288,000 during the current halving cycle ending in 2024.
However, creator PlanB said local highs during this period could easily be double the average, bringing Bitcoin to more than half a million dollars.