Evidence that Bitcoin is far from the highest stage of the bull run comes from PlanB and RSI. New data says that in the next two weeks, Bitcoin (BTC) could rise to $ 92,000 and still match its previous performance.
Analyst PlanB said in a tweet on Wednesday that despite this week’s gains, BTC / USD still has plenty of energy.
PlanB focused specifically on Bitcoin’s relative strength index (RSI), a classic metric used to chart the progress of price transactions.
While the RSI can provide a useful insight into whether Bitcoin is overbought at a certain point in the bull run, oversolding also gives us useful ideas.
Currently, the RSI measures 92/100. This is close to the top of its range, but more pluses are needed for Bitcoin to match that period, at least three points away from the top of the 2013 and 2017 bull run.
Bitcoin looks strong on RSI 92. Still, the RSI is not above 95 like the 2017, 2013 and 2011 bull markets.
At the April closing, I calculated the BTC price required for RSI 95: $ 92K. Let’s see what Coinbase IPO will do today.
For those who think $ 92,000 is overly optimistic, PlanB is not alone in predicting future vertical movements from Bitcoin. This week, the most recent chart showing BTC’s performance in 2021 compared to 2013 and 2017 revealed that Bitcoin was actually acting “modestly” and not increasing very quickly.
Meanwhile, PlanB touched on a major event for the Coinbase exchange on Wednesday: its debut on the Nasdaq.
Despite concerns that a sale might occur as a result, the first IPO Coinbase’s direct listing is interpreted as a turning point for the cryptocurrency.
Therefore, with its new status, Coinbase could launch a new era for Bitcoin and altcoins alike, with price movements potentially predicting future futures.
With a pre-release valuation of about $ 149 billion, Coinbase will effectively become the world’s ninth-largest bank in terms of market capitalization, according to figures circulating online on Wednesday.