Bitcoin analyst PlanB is making bold predictions for the future price of Bitcoin (BTC), expecting more parabolic rallies to high price targets by the end of the year. In a recent strategy session, PlanB focused on Bitcoin’s monthly relative strength index (RSI) as a key indicator.
The RSI is commonly used to gauge momentum and identify overbought or oversold conditions in the market. PlanB highlighted that during the peak of Bitcoin bull markets, BTC tends to experience multiple months with its RSI above 80, indicated by red dots on his chart.
With the monthly RSI approaching 80, PlanB anticipates significant price increases based on historical data. He projects an “absolute minimum” Bitcoin price of $270,000 by the end of the year. PlanB explained, “Historically, at those points where the RSI was 80 or higher, the average return was 40%+. So that means a one-month gain of 40%+ would bring Bitcoin from today’s $100,000 to $140,000 in February. With multiple months of red dots expected, at least three, this could push the price to $270,000.”
As of now, Bitcoin is trading at $96,789, and PlanB’s projections suggest significant growth potential in the coming months. Investors and enthusiasts are closely monitoring these developments as they prepare for potential parabolic rallies in the cryptocurrency market.
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This article provides a detailed analysis of PlanB’s predictions for Bitcoin’s price movements based on the monthly RSI indicator. Stay tuned for more updates and analysis on the cryptocurrency market as we witness potential growth and new milestones for Bitcoin in the near future.