Bitcoin RSI Level Shows We Are Still Early In the Bull Run
After staying under pressure last week, Bitcoin (BTC) has bounced back strongly making a move above $56,000 levels over the weekend. At press time, BTC is trading at a price of $56,369 with its market cap surging past $1 trillion once again.
Bitcoin has shows volatile trading patterns over the last two weeks swinging between the $53K-$61K range. While profit booking has ensured at some point, longer-term investors are still better-off! Bitcoin’s relative-strength-index (RSI) levels show that we are still very much early in the Bitcoin bull run.
PlanB, the author of the Stock-to-flow (S2F) model states that during the previous bulls runs of 2011, 2013, and 2017, the Bitcoin RSI levels crossed 95 and stayed there for nearly 3 months.
Further citing the chart of his S2F model, PlanB writes: “IMO we are only ~4 months into the bull market and nowhere near the end of it .. #bitcoin is just getting started”.
There’s been a lot of discussion as to where is Bitcoin (BTC) heading from the current levels. Also, a few popular analysts have suggested that BTC is poised to easily cross $100K levels by the end of this year.
Another on-chain data provider Santiment notes that the social sentiment for BTC and ETH is bearish at this point. Interestingly, the data provider points out that every time this has happened, prices have moved north.