Bitcoin (BTC) may climb to $ 92,000 over the next two weeks and still “only” match its past performance, new data shows.
In one Tweeter On Wednesday, PlanB, the analyst behind the stock-flow Bitcoin price model family, noted that despite this week’s gains, BTC / USD still had plenty of energy.
PlanB focused on Bitcoin’s Relative Strength Index (RSI), a classic measure used to plot price progress in particular.
RSI can provide useful insight into whether Bitcoin is overbought at some point in its bull run, while the opposite – oversold – is also true.
As TUSEN reported, PlanB highlighted the metric’s indices for hodlers throughout the past year, including during the spring bear market trough and in August, when sentiment was preparing for the bullish race that continues to this day.
Currently, the RSI measures 92/100. That’s near the top of its range, but at least three points above the top of Bitcoin’s bull runs in 2013 and 2017 – to match them requires a lot more upside.
“Bitcoin looks strong at RSI 92. Still not above RSI 95 like the bull markets of 2017, 2013 and 2011,” PlanB summed up.
“I calculated the BTC price needed for RSI 95 at the April close: $ 92,000. Let’s see what the Coinbase IPO will do today. “
What’s in a public list?
For those who consider $ 92,000 to be overly bullish, PlanB isn’t alone in predicting more, not less, vertical Bitcoin moves going forward. This week’s latest chart showing BTC’s performance in 2021 versus 2013 and 2017 also revealed that Bitcoin is in fact behaving “modestly” and not increasing too quickly.
PlanB, meanwhile, hinted at a major event for the Coinbase exchange scheduled for Wednesday: its debut on the Nasdaq.
Despite fears that a sell-off could result – behavior typical of a related move, initial public offering – Coinbase’s direct listing is being hailed as a watershed moment for the cryptocurrency.
As such, with its new status, Coinbase could usher in a similar new era for Bitcoin and altcoins, with price action potentially foreshadowing what is to come.
With its initial valuation of around $ 149 billion, Coinbase will effectively become the ninth largest “bank” in the world by market capitalization, figures circulating online showed Wednesday.