Bitcoin will reach $92,000 in April and still fall short of the bull market RSI peaks: Analyst

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PlanB and the relative strength index provide further evidence that Bitcoin is far from reaching the peak of its bull run.

According to new results, Bitcoin (BTC) could reach $92,000 in the next two weeks while still “only” matching its previous success.

In a tweet on Wednesday, RSI will provide valuable insight into whether Bitcoin is overbought or oversold at a given point in its bull run, and vice versa.

As Cointelegraph previously noted, PlanB has illustrated the metric’s prompts for hodlers over the past year, both at the depths of the Spring bear market and in August, when momentum was warming up for the bull run that is now ongoing.

RSI is now at 92/100. This is near the top of its range but at least three points below the peaks of Bitcoin’s 2013 and 2017 bull runs — even more upside is needed to equal them.

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“Bitcoin is looking good with an RSI of 92. “We are still not above RSI 95, as we were in 2017, 2013, and 2011,” PlanB concluded.

RSI is now at 92/100. This is near the top of its range but at least three points below the peaks of Bitcoin’s 2013 and 2017 bull runs — even more upside is needed to equal them.

“Bitcoin is looking good with an RSI of 92. “We are still not above RSI 95, as we were in 2017, 2013, and 2011,” PlanB concluded.

“I calculated BTC price needed for RSI 95 at April close: $92K. Let’s see what the Coinbase IPO will do today.”

BTC/USD RSI vs. position in 4-year halving cycle. Source: PlanB/ Twitter

What’s in a public listing?

For those who believe $92,000 is too ambitious, PlanB is not alone in anticipating more, not less, vertical moves from Bitcoin in the future. This week, the most recent chart comparing BTC’s 2021 results to 2013 and 2017 showed that Bitcoin is only behaving “modestly” and not increasing too rapidly.

RECOMMENDED READ:  Bitcoin Price Movement Analysis for 29th March, 2021

Meanwhile, PlanB mentioned Coinbase’s upcoming debut on the Nasdaq, which is scheduled for Wednesday.

Despite fears that a sell-off would arise as a result – action indicative of a similar leap, the initial public offering – Coinbase’s direct listing is being heralded as a landmark moment for cryptocurrencies.

As a result, Coinbase’s new status could usher in a new age for Bitcoin and altcoins alike, with market activity possibly foreshadowing what is to come.

 

Coinbase market cap vs. global banks. Source: Elliptic

With its pre-debut valuation of approximately $149 billion, Coinbase will effectively become the ninth-largest “bank” in the world by market cap, figures circulating online on Wednesday showed.

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