Bitcoin ‘Big Pump’ Refers to BTC Price Scale – But Maybe Not Until December

189
SHARES
1.5k
VIEWS

Related articles


Bitcoin (BTC) should see a “significant” price increase thanks to a rare bullish phenomenon that just appeared for the first time in seven years.

In his last book Update On the Bitcoin Relative Strength Index (RSI), popular Twitter analyst TechDev pointed out the main similarities between this year and BTC 2013.

Stochastic RSI sees a “particularly bullish crossover”

With Bitcoin on the rise, the RSI has risen rapidly and is currently calming out of the “overbought” area, indicating a temporary – even modest – pullback in prices.

Zooming out, however, the stochastic RSI is in the midst of repeating its moves from 2013, which preceded Bitcoin’s run to all-time highs around $1,300. For comparison, BTC/USD started at $13 that year.

Stochastic measures the relative strength and relative weakness of the relative strength index itself.

“Bitcoin had its second popular bullish RSI cross between 20 and 80 in this cycle. A particularly bullish cross. September 2021 and May 2020,” TechDev commented along with a chart showing the action.

“This cross has only happened two more times in history. You guessed it. September 2013 and May 2012. Big pumps followed all three previous crosses.”

Bitcoin Relative Strength Index vs BTC/USD Indicator. Source: TechDev / Twitter

All quiet until December?

As impressive as this may sound, Bitcoin bulls may have to wait a bit longer for the final push to peak.

Related: $50K Bitcoin Is an ‘Ultimate Bear Trap’, Says Analyst As BTC Price Struggles for Major Level

This is also thanks to historical BTC price data, says analyst Rekt Capital Offers All-new Highs Coming in December, Instead of “Uptober”.

Moreover, November could see a bounce back to the current price levels of just over $50,000.

However, such a seemingly conservative prediction does not conflict with other popular models, notably the “worst-case scenario” monthly closing series from PlanB stock-to-flow model builder.

Forecasts require $63,000 for October, $98,000 for November, and at least $135,000 for the monthly December close. The numbers for August and September — $47,000 and $43,000, respectively — were exactly in order.