$ 200,000 BTC Price Scheduled As Bitcoin Heads To 2nd RSI Peak

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Bitcoin (BTC) is heading towards what is arguably a mathematically programmed high of $ 200,000 or more, the latest data suggests.

In a series of tweets on October 4, popular Twitter commentator TechDev highlighted the familiar bullish behavior of Bitcoin’s Relative Strength Index (RSI).

2021 Bitcoin RSI simply follows the pattern

While staying below targets, such as the Stock-to-Flow model, BTC / USD is not short of bullish price predictions for this year and beyond.

The Relative Strength Index (RSI), a classic indicator used to identify overbought and oversold markets at a particular price, joins them, suggesting that the second phase of the 2021 bull run is just beginning.

Just as Bitcoin’s price action has taken place in four-year cycles, the RSI has also exhibited patterns of behavior over the years.

Each cycle had 2 peaks. 2021 is now heading into its second, TechDev explained.

In each four-year cycle, the RSI peaks at a level slightly lower than the previous one, which also helps identify a cycle peak slightly ahead. Where BTC / USD will be at that time, however, is a much less exact science.

Interestingly, the eight-year downside resistance, TechDev added.

We have reached this and this is probably the top. Or at least a place to seriously reassess the risk. Annotated Bitcoin RSI vs BTC / USD chart. Source: TechDev / TwitterToo scheduled?

Other figures suggest that the highest price for BTC this time around could be $ 200,000 or more.

Related: BTC Bull Run Has At Least 6 Months To Go 5 Things To Look At In Bitcoin This Week

200300K #Bitcoin seems almost too programmed, TechDev added alongside another chart showing Fibonacci levels.

These also depend on the four-year halving cycle, with each peak being an order of magnitude higher than the previous one. For 2021, that means 2017’s peak of $ 20,000 is expected to range from $ 200,000 to $ 300,000.

This fits perfectly with the Stock-to-Flow Cross-Asset model, which predicts an average price of $ 288,000 during the current halving cycle ending in 2024.

Stock-to-Flow creator PlanB nonetheless said local highs during this time could easily be double that average, placing Bitcoin at over half a million dollars.

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