Today, the weekly RSI for Bitcoin just hit its highest level since December 2017.
Bitcoin's weekly RSI has only been above 88 three additional times in the past.
Back in June 2017, November 2013, and February 2013.
Both times BTC hit this level back in 2017 the RSI dropped followed by a massive growth in the Bitcoin price.
Looking back at 2013, there was plenty of additional growth as well.
From June to December 2017 we saw over 560% of growth after the first time that 88+ was hit on the RSI.
From February to November 2013 we saw over 348% of growth after the first time that 88+ was hit on the RSI.
Now, in 2020, we have the first hit above 88 on the weekly RSI, opening the door for additional growth.
How much will it be? 350%, 555%? Maybe 3,000%?
We can't tell for sure but one thing is certain, more stimulus money is on the way and even more money will be printed in the years to come. The more fiat currency that is printed, the highest that Bitcoin goes.
~300%+ would send Bitcoin above $70,000.
~555%+ would send Bitcoin above $123,000.
Anything and everything is possible... Just look at this year, 2020, when everything changed.
We are looking at much stronger and bigger change on the world stage in the years ahead.
Don't be surprised if Bitcoin does not grow this much, but we are more likely to see a $400,000 Bitcoin rather than Bitcoin hitting $1,000 as a low.
Back to the BTCUSD chart
Last's weeks high has been taken out sending out a strong bullish signal.
Our next target has already been shared in a previous article today but we are looking at 25800 followed by 29150+ and beyond.
Thank you for your analysis! It seems inconsistent to use a weekly chart and talk about targets as if they were to happen in the next few days however. Short-term analysis with targets that were just met a few hours ago don’t really fit in a weekly chart in my opinion.. And furthermore I disagree with these targets: you said, the RSI dropped every time it went above 88. So seing BTCUSD reach your target of 29150 in the next few days seems unlikely from my standpoint.
It seems inconsistent to use a weekly chart and talk about targets as if they were to happen in the next few days however. Short-term analysis with targets that were just met a few hours ago don’t really fit in a weekly chart in my opinion..
And furthermore I disagree with these targets: you said, the RSI dropped every time it went above 88. So seing BTCUSD reach your target of 29150 in the next few days seems unlikely from my standpoint.