Bitcoin is heading towards the second peak of the RSI

New data suggests that Bitcoin (BTC) is headed for an all-time high mathematically “scheduled“Of $ 200,000 or more.

In a

released on October 4, well-known commentator TechDev highlighted a familiar bullish behavior in Bitcoin’s Relative Strength Index (RSI).

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.”

Annotated Bitcoin vs. BTC / USD. Source: TechDev / Twitter

“Too planned”?

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,

TechDev sharing another chart depicting Fibonacci levels.

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.

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