Big pump comes to Bitcoin, hints at BTC price metric But maybe not until December

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Bitcoin (BTC) is expected to experience a sharp rise in price thanks to a rare bullish phenomenon that has just struck for the first time in seven years.

In his latest update on the Bitcoin Relative Strength Index (RSI), popular Twitter analyst TechDev pointed out major similarities between this year and the BTC bull run of 2013.

Stochastic RSI sees a particularly bullish cross

As Bitcoin skyrockets, the RSI has risen rapidly and is currently cooling down relative to overbought territory, suggesting a temporary, albeit modest, pullback in prices.

However, zooming out the Stochastic RSI is repeating its 2013 moves, which preceded Bitcoins which hit all-time highs of around $ 1,300. For comparison, BTC / USD started that year at $ 13.

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

Bitcoin has had its 2nd bullish monthly RSI cross between 20 and 80 this cycle. A particularly bullish cross. Sep 2021 and May 2020, TechDev commented next to a chart showing the stock.

This cross has only taken place two other times in history. You guessed it. September 2013 and May 2012. The big pumps followed the 3 previous crossings. Bitcoin stochastic RSI annotated chart against BTC / USD. Source: TechDev / Twitter All quiet until December?

As impressive as it sounds, Bitcoin bulls may have to wait a little longer for the ultimate push to the top to reach.

Related: $ 50,000 Bitcoin Is The Ultimate Bear Trap, Analyst Says As BTC Price Fights For Key Level

It’s also thanks to historical BTC price data, which analyst Rekt Capital says shows new all-time highs coming in December, rather than Uptober.

Additionally, November might even see a retracement to current price levels of just above $ 50,000.

Based on #BTC’s historically recurring price trends across cycles …

Bitcoin could rally at ~ $ 63,500 in October

Then come back to low / middle $ 50,000 in November

Then jump into new all-time highs $ BTC #Crypto #Bitcoin

Rekt Capital (@rektcapital) October 5, 2021

Such a seemingly conservative prediction, however, does not conflict with other popular models, including the worst-case monthly closing series from the creator of the PlanB stock-flow model.

The forecast calls for $ 63,000 for October, $ 98,000 for November and at least $ 135,000 for the December monthly close. The figures for August and September $ 47,000 and $ 43,000, respectively, were right on target.

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