Thursday, July 25, 2024

As Bitcoin approaches its second RSI peak, the price of $200K BTC has been ‘programmed.’

Bitcoin is a highly volatile coin that has both bull runs and bear markets in its lifetime. Due to its programmed scarcity and highly cutting edge nature, the fluctuations have been extreme, but over the past few months, they have been decreasing.

With the upward trajectory of the coin, it is predicted to hit a $200k high and is backed by previous charts and data. Bitcoin has seen an exponential rise in its value and is going to rise even further.

On the 4th of October, TechDev, in his series of tweets, highlighted a very familiar pattern of bullish runs and how Bitcoin’s RSI has been strengthening. RSI or relative index strength has been used as an indicator in the oversold and overbought markets.

At this point in time, the RSI suggests that the second phase of the BTC bull run in 2021 is just starting. The bitcoin has 4-year cycles in which the amount of coins or tokens produced is halved and the price rises significantly.

In 2017 the price of the currency peaked at $20k, but given its rise in popularity and monumental rise in the investors, there is a chance that it will reach $200k-300k easily.

The fact that this is concurrent with the Stock to Flow Cross Asset model, which predicts the price at $288,000 is great news. Its current halving cycle ends in 2024 and Bitcoin will be out of reach of most people.

The right time to invest in these new-age DeFi systems is now. With most coins holding their value for longer terms, it is the best long-term investment in these times.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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