Bitcoin’s Relative Strength Index is hovering below 90, very rare bull trigger
The latest price growth of Bitcoin (BTC) is inspiring a whole lot of case scenarios on how the digital currency can attain the escape velocity to power the next bull run. One of the recent analyses in this regard was shared by popular crypto analyst The Wolf Of All Streets, who shared on his Twitter page how Bitcoin is flagging its Relative Strength Index (RSI) indicator to power a new bull run.
According to him, the intraday RSI reading is pegged just below the 90 mark, and the last time the coin recorded a similar reading above 90, prices first corrected, then shot up to hit the all-time high (ATH) above $68,000 – back in November 2021.
In his words: “Daily RSI is chilling at just under 90. We have hit 90 a few times, often followed by at correction before a push up and bear div. Last time it was noticeably higher (94) was the 20K top in 2017. Last time it hit 90, price dropped from 40K to 30K before pushing to 65K.”
Daily RSI is chilling at just under 90.
We have hit 90 a few times, often followed by at correction before a push up and bear div.
Last time it was noticeably higher (94) was the 20K top in 2017.
Last time it hit 90, price dropped from 40K to 30K before pushing to 65K. pic.twitter.com/BXlWmms3Ml
— The Wolf Of All Streets (@scottmelker) January 17, 2023
Despite the suggestion in the tweet that a bull run is underway, the analyst said he was not necessarily predicting that the tops are here in this current price run.
Conflicting Bitcoin (BTC) predictions
Bitcoin is currently changing hands at $21,260.17, up 1.92% over the past 24 hours and by more than 23% in the trailing seven-day period, according to data from CoinMarketCap. With this price resilience, influential names in the industry, including Ben Armstrong (BitBoy Crypto) are becoming optimistic about its growth potential.
Armstrong predicted that Bitcoin has the tendency to hit $25,000 to $30,000 in the next 45 days but believes the coin will face bearish headwinds toward the end of the year. While optimism is high generally, Bitcoin critic Peter Schiff has also predicted a crash back to $18,000, in his characteristic manner.