Bitcoin Optimistic Prediction: BTC Massive Bull Cycle Is About To Begin
These days the crypto market showed extreme volatility, but this was not a strong enough reason to stop optimistic crypto predictions from popping up.
A crypto influencer whose stock-to-flow analysis of BTC made it all the way to primetime on CNBC makes a new prediction regarding the price of Bitcoin.
BTC parabolic bull run
He said that BTC’s chart looks pretty similar to the early days of the last parabolic bull run.
PlanB says that the Bitcoin’s Relative Strength Index (RSI), which is used to gauge the momentum of a given asset or market, mirrors its movements back in mid-2016, before Bitcoin’s eventual rise to around $20,000.
“Everything is possible of course, but I think these RSI moves from <50 to >90 are longer-term trends (that do not break easily) with a lot of noise around it.”
Here’s PlanB’s tweet.
— PlanB (@100trillionUSD) August 29, 2019
Someone asked PlanB: “why don’t you think we’re not going down any further? if we look at your picture we have a bigger fall every time before it goes up. Do you don’t think we may be going down to a 8250-8650 range?”
To which he responded: “Everything is possible of course, but I think these RSI moves from <50 to >90 are longer-term trends (that do not break easily) with a lot of noise around it.”
Another follower said: “For longterm holders it’s not important what the price swings do short-term. 1BTC is still worth 1BTC today. And it becomes important for us when 1BTC will be worth a house.”
Someone else believes that people should just buy the dip:
“Just buy the dip. Any amount you can afford is good. Balance out your loss so you see more gains when it rockets. Smart move. And it will gain big, we know that.”
At the moment of writing this article, BTC is trading in the green.
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