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bitcoin bull market RSI
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Bitcoin RSI Moves Into Bull Market Territory, Here’s What Happens Next

Tony Spilotro by Tony Spilotro
2 years ago
in BTC
Reading Time: 3 mins read
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Bitcoin price nearly set a new higher high and confirmed a bull trend. But before the leading cryptocurrency by market cap could set a new peak, a popular trading indicator might have jumped the gun and confirmed the bull market.

The rare reading on the Relative Strength Index has only happened a grand total of 14 times in more than a decade, and on average each impulse has resulted in over 239% upside. This signal has only just appeared, potentially, suggesting that the latest impulse could reach as high as $31,000 per BTC. Here’s what could possibly happen next in crypto.

BTCUSD Weekly Relative Strength Index Reach Bull Market Levels

Browsing anywhere in the media or in social communities, and you’ll find talk about Bitcoin and how it could finally be turning a corner with investors.

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Businesses, institutions, and hedge fund managers are suddenly pouring money in, rather than past bull cycles being driven by retail investors. Over 3% of the total BTC supply of 21 million BTC is now held by 24 companies alone.

Related Reading | Crypto Analyst Warns That A Bitcoin “Hell Candle” Is Coming

The asset’s block reward halving, expected to be the catalyst to start the new cycle, is now in the past. The only thing missing is a higher high to confirm an uptrend and new bull market.

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Bitcoin missed the mark by just a few bucks last night and has since sunk nearly $1,000, briefly crashing below $13,000 less than 24 hours later.

Two failed early BTC bull market readings, led to the third being the charm | Source: BTCUSD on TradingView.com

But it could be too late for bears that initiated last night’s selloff? On the weekly BTCUSD Relative Strength Index indicator, the top cryptocurrency might have already confirmed a new bull market or at least a bullish impulse just starting that should send the cryptocurrency soaring higher.

RSI Breakout Results In Bitcoin Rally Of 239% On Average, Only 14 Times In History

The leading cryptocurrency by market cap could be about to pull off an amazing feat, and rise anywhere from 36% on the lowest end to as much as 1913% once breaking above 70 on the weekly Relative Strength Index.

Fourteen RSI breakouts resulted in 239% climb on average | Source: BTCUSD on TradingView.com

On average, across only 14 times that this bullish signal happened, Bitcoin continued to climb another 239%. Another 239% from current levels, would put the BTC at a price of roughly $31,00 and set a new all-time high.

Related Reading | Bitcoin Whale Wallets With 1000+ BTC Or More Spike To Highest Levels In History

Past results don’t guarantee future performance, and anything is possible. But if the weekly can close above this key bullish level, a new bull run could be here, and an explosive move will soon confirm it.

Featured image from Deposit Photos, Charts from TradingView.com
Tags: bitcoinbtcbtcusdbtcusdcBTCUSDTcryptoRelative Strength IndexRSI
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a global remote work leader with a decade of award-winning content experience and excellence. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter at @tonyspilotroBTC and feel free to drop me a line if you would like to work together.

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