Bitcoin’s bull run is more bullish than the one in 2017 according to the monthly RSI indicator while BTC is now trading well above $20,000. The clean break above it was good enough to prove that a massive bull run here is official and that the Relative Strength Index breached into the bull territory for the first time in years so allow us to show you some more of the analysis in today’s Bitcoin price news.
Comparing the two market cycles from the past, Bitcoin’s bull run is more bullish than the one in 2017. The rally took the asset from $1,000 to $20,000 and some even predict that the rally will continue higher. Today marks the three full years after BTC topped out the 2017 price peak and that year alone, the leading crypto by market cap increased from $1000 to $20,000. It’s only fitting that the anniversary of the break would be celebrated by another peak above $20,000 and setting a new record. And if this signal wasn’t enough to announce the bull run, the relative strength index confirmed it. For the first time since the bear market started, the monthly RSI entered the bull territory.
Now, BTC is nearly at the point where the last cycle led to one of the first red monthly candle closes which happened in 2016 December. This has been an important month for the cryptocurrencies as it acted as an important pivot point for price action. Bitcoin’s bubble cycles are explained to be due to the asset’s unique block rewards mechanisms and its scarce supply. The idea here is unlike gold and other commodities, rather than to increase the production and the supply when the demand grows, Bitcoin cuts down the supply further.
Bitcoin’s price also increased exponentially and it entered the price discovery mode until further speculation surpasses utility and the bubble bursts before the cycle begins again. The four-year intervals make these cycles predictable so if the cycles continue following the same pattern as last time, the parabolic phase is next. However, there’s one thing to know about the bulls and that is the fact that the cycle is actually more bullish than the last. Being more bullish can’t be a bad thing as now, all billionaires across the world are watching out for cryptocurrency.
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