Bitcoin RSI Copies 2017 Bull Run As Trader $75K Key For BTC Price
Bitcoin (BTC) is quietly recording the key feature of the 2016 bull market that started at $75,000.
In a May 24 post on X (formerly Twitter), popular trader Jelle predicted what could be the next “major breakout” for BTC's price action.
Trader: BTC price “remarkably similar to early 2017”
Bitcoin analysis often points to similarities between the current bull cycle and previous ones – especially the two most recent ones: 2016-17 and 2020-21.
In the year While 2024 has set itself apart to produce a new all-time high, there is plenty of evidence to suggest that Bitcoin's peak is still ahead, not after the block subsidy is halved.
For Gel, the Relative Strength Index (RSI) is the main indicator.
The RSI captures the extent to which the asset is overbought or oversold at some point and BTC/USD is painting an interesting picture on weekly timeframes.
“Bitcoin has been playing incredibly well since the beginning of 2017,” Jelle summarized.
The accompanying chart compares BTC/USD's performance from January 2023 to its current journey through the 2017 high of $20,000.
Today, as it was seven years ago, the RSI is declining and the price is accelerating towards previous highs.
“Hidden variability and murky water at previous all-time highs — before the main event,” Jelle explains.
“Clear $75,000, and that speeds us up pretty quickly.”
Historically, when the RSI is in the “bought” zone above 70, Bitcoin is most bullish. Such readings can last for a long time before the BTC price rally becomes unsustainable.
Part of the $60,000 Bitcoin return?
As Cointelegraph reports, opinions are mixed on what Bitcoin will do in the short term.
Related: ‘Base Case' for Bitcoin Price of 150k in 2024 – Tom Lee
This week's announcement of the first approval of Spot Ether (ETH) exchange-traded funds, or ETFs, in the United States did little for either coin's performance.
Still out of range, BTC/USD is fueling calls for a return to $60,000 or lower. Among those predicting the outcome is Michael Van de Pop, founder and CEO of the well-known trader Credible Crypto and mTrading.
“Bitcoin is consolidating, and in range,” the latter wrote in one of his recent X posts.
“Maybe that consolidation will take place longer and I think we could even see $61-63k.
Van de Pop added that he was in a “rotation” from bitcoin to ether around the ETF launch, but described the situation as “good.”
This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.
