Today, the weekly RSI for Bitcoin just hit its highest level since December 2017.
Bitcoin's weekly RSI has only been above 88 three additional times in the past.
Back in June 2017, November 2013, and February 2013.
Both times BTC hit this level back in 2017 the RSI dropped followed by a massive growth in the Bitcoin price.
Looking back at 2013, there was plenty of additional growth as well.
From June to December 2017 we saw over 560% of growth after the first time that 88+ was hit on the RSI.
From February to November 2013 we saw over 348% of growth after the first time that 88+ was hit on the RSI.
Now, in 2020, we have the first hit above 88 on the weekly RSI, opening the door for additional growth.
How much will it be? 350%, 555%? Maybe 3,000%?
We can't tell for sure but one thing is certain, more stimulus money is on the way and even more money will be printed in the years to come. The more fiat currency that is printed, the highest that Bitcoin goes.
~300%+ would send Bitcoin above $70,000.
~555%+ would send Bitcoin above $123,000.
Anything and everything is possible... Just look at this year, 2020, when everything changed.
We are looking at much stronger and bigger change on the world stage in the years ahead.
Don't be surprised if Bitcoin does not grow this much, but we are more likely to see a $400,000 Bitcoin rather than Bitcoin hitting $1,000 as a low.
Back to the BTCUSD chart
Last's weeks high has been taken out sending out a strong bullish signal.
Our next target has already been shared in a previous article today but we are looking at 25800 followed by 29150+ and beyond.
What's your take?
Where do you think Bitcoin is headed?
Thanks a lot for your continued support.
Namaste.
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First target at $25800 has been hit. Our next target sits at $29150+
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Here we have some altcoins... Thanks a lot for your support!
✳️ Zilliqa (ZIL) Going Straight Up!
✳️ Theta Fuel (TFUEL) Going For Another Bullish Round
@serhan, People thought that a $5,000 Bitcoin was something impossible just a few years ago.
Now we are at $25,000 and growing, 5X that amount.
Some people might think that $400,000 is crazy today...
Namaste.
CandyBTEE
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@alanmasters, Yes. Now BTC moves up and high.
400k possible within years.
jgitrade
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I’m waiting for a retracement before I jump in. When will it come ???? Patience I looking at 21-22000 ~ 31.8-50% retrace - definitely patient since the late November 2020 run
@alanmasters, You have to think of the law of trading: 95% of retail traders lose. What are the two scenarios everyone has their eyes on right now? 1. A very generous and kind retrace to the weekly 21 EMA to let people who missed the initial surge get in on the long trade into the six figures. 2. A continuation of the bull trend to 100k+ to let the lucky ones who pulled the trigger on the long at the right time get rich. What's going to happen? NEITHER OF THESE. Because these are the two scenarios everyone is thinking about, and the two scenarios that will benefit retail traders the most and lead to the most retail traders winning, I believe neither will happen and that the current bull run will top out - sometime relatively soon, like in the next 4-6 weeks at most - somewhere around 35K, then head into the next bear market.
AlanSantana
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@CryptoTraderMark10, Even if Trillions continue to be printed and reality changes completely as we enter a new era?
Think about the collapse of a huge empire or simply changing times...