Bitcoin (BTCUSD) is at the early stages of a new parabolic rally, similar to January - March, as a key bullish development took place. The 1D RSI hit the 50.00 neutral (middle) level for the first time since breaking above it on January 26 2024 and rebounded, while keeping the 1D MA50 (blue trend-line) intact.
This is a strong bullish signal for the Bull Cycle. BTC has been within a range for the majority of this month and last time all those parameters emerged together was in late November - early December 2020. At that time, Bitcoin also hit the 50.00 RSI level, held above the 1D MA50 and after being ranged for almost a month, it started a new parabolic bullish leg towards the 6.0 Fibonacci extension before the next 1D MA50 pull-back.
As you can see, both sequences capped a roughly +100% rise since the previous Lows where the price made contact with the 1D MA100 (green trend-line) and eventually bounced. The 1D MA100 wasn't touched again for almost 7 months, not before BTC approached the 8.0 Fib extension, completing a +563% rise from that Low.
The fractals are virtually identical so far and if the current price action continues to replicate 2020/ 2021, we expect the 1D RSI to hit 90.00 again before retracing. If 100k isn't hit at that time, we will book profits regardless and buy again on the next 1D MA50 contact. Until then, 100k is our next Target.
But what do you think? Is 100k a realistic target that soon and if yes can Bitcoin repeat 2021 to its full extent and even reach 250k? Feel free to let us know in the comments section below!
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Bro! I don't know you but i say it again: You are the ONE author (apart from myself..haha) that i appreciate so much. Amazing charts man.
MyCryptoParadise_Nathan
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I am expecting a correction till the 58k level for now, BTC can show bullish move too but according to me a correction till 58K level will consider as healthy
fract
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@MyCryptoParadise_Nathan, then the corrective wave must be completed fast in order to keep bullish initiative of tackling higher levels.