Where are we in the monthly chart?
Call me dreamer o crazy, I don't care, but I have been watching the BITCOIN monthly chart in combination with its RSI indicator since a couple of weeks already, trying to find the "proper point of OVERBOUGHT condition" which would lead the inevitable long correction.
It appears that, despite the amazing performance these past weeks and the sustained growth only stopped very temporary for a few spikes of -20% the biggest, the RSI is still at 86%, that, for charts below the 1 month timeframe would mean an imminent correction ahead...
However, the last two past bull runs, the Monthly RSI reached 96 before sending BTC to the catacombs.
...and what is still more surprising is that if we try to launch an horizontal line towards last time monthly RSI was at the current level, it points to a place on which BTC was still priced at 1200 USD, around May 2017.
Then, project the same percentage of growth till ATH, it comes that the new ATH would be reached by the end of the year and that the top would be... more than 500K?
Again, another stupid prediction from a crypto dreamer but...would it be feasible this time?
Enjoy!
*Disclaimer: This is just my personal point of view, please, do your own assessment and act consequently. Neither this post nor myself is responsible of any of your profit/losses obtained as a result of this information.
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@toofasteddie, Dreams of a Crypto Dreamer is Bullish and it should be. Stay blessed.
The projection is not stupid at all. We could have called a $40,000 BTC in January stupid and here we are.
I am in doubt though if this bull market will last for like a year or so and it won't be shorter lived. Some people on twitter seeing it relatively similar to the one of 2013.
If you take into account that in 2013 the retail somehow woke up to BTC and that now financial institutions are somehow replicating that in 2020 and 2021 it makes sense.
However this time we might have both financial and retail in play and that will probably drag the bull market on a longer period than in 2013.
One quote that I like is that there's no overbought in a bull market and no oversold in a bear market.
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Very true, i like that quote
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500K is a fucking dream!
The world is for the dreamers ;-)
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500k might be at the upper end, but a range between 100k to 500k is totally possible.
The meat in between, right?
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Everything above 100K would be outstanding ;-)