Bitcoin Bulls Ready to Charge as RSI Indicator Signals FOMO Rally
Widely respected quant analyst PlanB has recently shared an exciting update for Bitcoin (BTC) enthusiasts, suggesting that a return to a FOMO (fear of missing out) style bull market could be on the horizon for the leading cryptocurrency.
In a detailed video presentation to his 215,000 YouTube followers, PlanB highlighted the increasing relative strength index (RSI) of Bitcoin, a key momentum indicator used to gauge whether an asset is overbought or oversold. According to PlanB, the rising RSI levels indicate that significant rallies are likely to occur over the next few months.
Drawing on historical data, PlanB explained that when Bitcoin’s monthly RSI reaches 75, it typically marks the beginning of a sustained bull market characterized by intense FOMO-driven price surges. He pointed out that despite some fluctuations in the past year, the RSI has been trending upwards, suggesting a potential move towards the critical 75 level in the near future.
“We have seen 75 RSI already three or five times, so I think we’re going to return to that level… That means if that were to happen this month in July, then July would [see BTC] end at $125,000ish… And after that, of course, I expect some really hot FOMO bull months of 80 RSI, 80+ like we’ve seen in all the bull markets,” PlanB explained.
Backing up his analysis with a detailed chart, PlanB projected a potential price target of $125,000 for Bitcoin if the RSI reaches 75, with further gains expected as the market heats up.
At the time of writing, Bitcoin is trading at $107,992, with investors eagerly watching for signs of a bullish breakout.
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As the crypto market gears up for potential gains, all eyes are on Bitcoin to lead the charge towards a new era of excitement and opportunity.
Source: PlanB/YouTube
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