Bitcoin (BTC) is heading for what is arguably an all-time mathematically “programmed” high of $200,000 or more, according to the latest data hints.
in a Tweet thread On October 4, popular Twitter commentator TechDev highlighted the familiar bullish behavior in the Bitcoin Relative Strength Index (RSI).
2021 Bitcoin RSI Simply Follows the Pattern
While still below targets like those of stock flow, BTC/USD is not short on bullish price expectations for this year and beyond.
They are joined by the Relative Strength Index, a classic indicator used to identify overbought and oversold markets at a particular price, indicating that the second phase of the 2021 uptrend has just begun.
Just like Bitcoin price action in four-year cycles, the RSI has also shown patterns of behavior over the years.
“Each cycle has two peaks. 2021 is now moving towards the second,” TechDev explained.
In each four-year cycle, the RSI peaks at a level slightly lower than the last – this also helps to determine the top of the cycle a little in advance. However, where BTC/USD was at that time is a less accurate science.
“It is interesting to note the 8-year downtrend resistance,” TechDev added.
“We’ve made it and it’s probably at the top. Or at least a place to seriously reassess the risks.”
“Too programmed”?
More numbers indicate that the BTC price is on top this time, possibly $200,000 or more.
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“200-300K Bitcoin Looks Too Programmable,” TechDev added Along with a different chart showing Fibonacci levels.
These also depend on the four-year halving cycle, where each peak is an order of magnitude higher than the previous one. For 2021, that means $20,000 from 2017 should shift from $200,000 to $300,000.
This coincides neatly with the cross-asset stock-to-flow (S2FX) model, which requires an average price of $288,000 during the current halving cycle, which ends in 2024.
However, Creator PlanB said that local gains during that time could easily be twice that average, putting Bitcoin in excess of half a million dollars.
