Will Bitcoin Surpass $100,000?
|The post halving market didn’t fail to disappoint as the bull run has been in full swing! Let’s look at where Bitcoin is currently located and where it may head in the long term!|
What Will it be?
After peaking in 2013, it took Bitcoin 1,247 days to reach the same price point. However, after peaking in 2017, it only took the coin 1,066 days to get to its all-time high. Thus it appears that we are moving faster than in the previous bull run. Does this mean that Bitcoin will reach the target of $100,000, which we initially before December, or will the coin head even higher? The second option seems more probable when looking at the RSI!
Bitcoin and the RSI
The Relative Strength Index (RSI) is a momentum indicator that measures the strength of the price. When the RSI has a value of 70 or more, it is said to be overbought and trending very strongly. The RSI has entered overbought territory in the 2013, 2017, and 2021 bull markets on the Monthly chart. In the previous two rallies, the RSI remained overbought for 427 and 457 days, respectively. If the RSI continues to be overbought for at least 427 days, that would mean that Bitcoin would peak on the 1st of December, which is around the time we expected the rally to end. Therefore, if we were to go by the RSI, the uptrend has not yet reached the half-way point.
This gives us two options: either BTC will surge past $100,000, or the market will slow down significantly in the coming months. Usually, the most volatility and gains are seen at the end of a trend; thus, Bitcoin surging past $100,000 becomes more probable. However, for this to occur, we would need increased institutional investments and mainstream adoption.