Bitcoin Analyst PlanB Predicts Explosive Price Surge Based on Key Indicator
Renowned quant analyst PlanB has made a bold prediction that Bitcoin (BTC) is poised to reach new all-time highs in the coming months, driven by a key indicator signaling a bullish trend.
Monthly Relative Strength Index (RSI) Indicator
PlanB, who has a massive following of 211,000 YouTube subscribers, recently shared his insights in a video update. He pointed to the monthly Relative Strength Index (RSI) as a crucial indicator suggesting that Bitcoin’s bull market is far from over, with the potential for the flagship cryptocurrency to surge to nearly half a million dollars.
The RSI is a momentum oscillator that helps determine whether an asset is overbought or oversold. Readings above 70 typically indicate overbought conditions, while readings below 30 suggest oversold conditions.
According to PlanB, the current RSI level of 66 is around the average RSI level of 65, indicating a sustained period of bullish momentum. He anticipates that Bitcoin will continue to trade above this average level for at least the next year, paving the way for new record highs.
Potential for Significant Price Growth
Based on historical data, PlanB believes that the RSI could reach at least 80 for several months in this cycle, potentially driving Bitcoin’s price up by 290% from its current value. He points to previous bull markets in 2021, 2017, and 2013, where high RSI numbers were associated with substantial monthly returns of over 40%.
With Bitcoin currently trading at $102,558, PlanB’s projections suggest that the cryptocurrency could soar to the $400,000 range if the RSI hits these high levels in the coming months.
Conclusion
PlanB’s analysis and prediction have generated significant interest among investors and crypto enthusiasts, with many eagerly awaiting the potential price surge in the months ahead. As Bitcoin continues to demonstrate resilience and strength in the market, all eyes will be on whether PlanB’s forecast will come to fruition.