Bitcoin should see a “large” price increase thanks to a rare bullish phenomenon that has just hit for the first time in seven years.
In his latest update on Bitcoin’s relative strength index (RSI), popular Twitter analyst TechDev flagged major similarities between this year and the 2013 BTC bull run.
As Bitcoin heads higher, RSI has rapidly increased and is currently cooling from “overbought” territory suggestive of a temporary — even if modest — price pullback.
Zooming out, however, stochastic RSI is in the midst of repeating its moves from 2013, which preceded Bitcoin’s run to what were then all-time highs of around $1,300. For comparison, BTC/USD began that year at $13.
Stochastic RSI measures the relative strength and weakness of the RSI indicator itself.