Due to a rare bullish phenomenon, Bitcoin (BTC), should see a “larger” price rise. This is because it has been rediscovered for the first time since 2007.
TechDev, a popular Twitter analyst, highlighted major similarities between this years bull run and that of 2013.
Stochastic RSI views “especially bullish crossing”
Bitcoin is moving higher and RSI has quickly risen. It is currently cooling off of “overbought”, suggesting a temporary, even modest, price pullback.
Zooming out, however stochastic RSI appears to be retracing its actions from 2013, which was the year before Bitcoin reached an all-time high of $1,300. BTC/USD started that year at $13.
Stochastic RSI measures relative strength and weakness for the RSI indicator.
“Bitcoins 2nd bullish monthly stoch RSI crossed between 20 and 80 in this cycle. This cross was especially bullish. Sep 2021 and Mai 2020”, TechDev commented along with a chart that showed the action.
“This cross has only been seen twice in history. It was obvious. Sep 2013 and May 2012 All 3 crosses were followed by large pumps.
Bitcoin stochastic, RSI vs. BTC/USD chart. Source: TechDev/Twitter
ll quiet til December?
Although it may sound impressive, Bitcoin bulls might have to wait a bit longer before the final push to the peak.
Related: Bitcoin Price Struggles for Key Level, Analyst Says $50K Bitcoin is the ultimate Bear Trap
Historical BTC price data also helps. Analyst Rekt Capital claims that this shows new all time highs in December rather than “Uptober”.
Plus, November could see a retracement to the current price levels of just over $50,000.
Based on #BTC price tendencies that have been consistent across cycles, Bitcoin could rally to $63,000. Then it would retrace back to the low/mid $50,000s in November. Then it would break out to new All Time Highs$BTC#Crypto #Bitcoin
— Rekt Capital (@rektcapital) October 5, 2021
This seems to be a conservative prediction, but it does not contradict other popular models such as the “worst case scenario” monthly close series created by stock-to-flow model maker PlanB.
Forecasts call for $63,000 in October, $98,000 in November and at most $135,000 for December. The August and September numbers, $47,000 and $43,000 respectively, were exact.