Bitcoin is preparing a repeat of the 2017 bull run peak, new RSI analysis says, with BTC price consolidating below all-time highs.
Bitcoin could be preparing its “main breakout” if RSI traits follow the run-up to old $20,000 highs from late 2017.before, not after a block subsidy halving, there is still plenty of data suggesting that Bitcoin’s steepest gains are still ahead.
RSI captures the extent to which an asset is overbought or oversold at a given level, and on weekly timeframes, BTC/USD is painting an exciting picture.An accompanying chart compared BTC/USD performance on the way to its 2017 peak of $20,000 to its journey from January 2023 to now.“Clear $75,000, and this accelerates quickly.”Historically, Bitcoin tends to put in its most strident upside when RSI is in the “overbought” zone above 70.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.Zeneca’s portfolio peaked at $20M — and he has ‘2021 vibes’ again: NFT Collector
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