I drew these RSI trendlines on the monthly chart.
I compared where we are now (~RSI 72) to where RSI might top if it follows this trendline (~85). Then I looked at BTC price action from the same RSI levels in past cycles... This is interesting!
In 2017, BTC rallied about 2000% from today’s RSI (72) value to the cycle top.
In 2021, it was around 411%.
If this pattern rhymes again, even a small 74% rally from now could mean a 200k BTC price. (180k is a 55% rally from now.)
This doesn’t guarantee anything—future price action is unpredictable—but it could be a indicator about where we’re heading... No one knows if the top will be 150k, 200k, or 250k, of course!
I compared where we are now (~RSI 72) to where RSI might top if it follows this trendline (~85). Then I looked at BTC price action from the same RSI levels in past cycles... This is interesting!
In 2017, BTC rallied about 2000% from today’s RSI (72) value to the cycle top.
In 2021, it was around 411%.
If this pattern rhymes again, even a small 74% rally from now could mean a 200k BTC price. (180k is a 55% rally from now.)
This doesn’t guarantee anything—future price action is unpredictable—but it could be a indicator about where we’re heading... No one knows if the top will be 150k, 200k, or 250k, of course!
NorseCrypto
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
NorseCrypto
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.