In a tweet from 14. April, PlanB, the analyst behind the bitcoin price model family, noted that BTC/USD still has a lot of energy despite this week’s price spike.
PlanB focused on bitcoin’s relative strength index (RSI), a classic metric used to show price movements, among other things.
The RSI can provide useful information as to whether bitcoin is overbought at some point in its bull-run, while the opposite – oversold – is also true.
As Cointelegraph reports, PlanB has highlighted bullish metric signals over the past year, including during the spring and August bear market lows, as sentiment prepared for a bullish run that continues to this day.
The RSI currently measures 92/100. It’s not far from the top of its range, but it’s at least three points away from the 2013 and 2017 highs of the bitcoin bull market – it will need much more upside to reach them.
Bitcoin has an RSI of 92. Still not above RSI 95 as during the bull markets of 2017, 2013 and 2011, PlanB summarizes.
I calculated that the price of BTC needs an RSI 95 at the April close : $92K. Let’s take a look at what today’s Coinbase IPO will bring.RSI BTC/USD vs position in the 4 year semi-annual cycle. Source: PlanB/Twitter
What does a public notice say?
For those who think $92,000 is overly optimistic, PlanB is not the only one predicting more, not less, vertical movement of bitcoin in the future. This week’s latest chart showing 2021 performance compared to 2013 and 2017 also shows that bitcoin is actually performing modestly and not growing too fast.
Meanwhile, PlanB is approaching a major stock market event Wednesday: its debut on the Nasdaq.
Despite fears of a sell-off – typical behavior for a related move, an IPO – Coinbase’s direct listing has been hailed as a turning point for cryptocurrencies.
Coinbase’s new status could usher in a new era for bitcoin and altcoins, with price movements possibly providing a taste of things to come.
Market capitalization of the monetary base relative to banks worldwide. Source: Elliptical
With a preliminary debut of $149 billion, Coinbase will actually be the world’s ninth largest bank by market capitalization, according to figures circulating online Wednesday.
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