Bitcoin Trend Indicator Shows the Same Pattern As In Mid-2016
2 min read
Bitcoin trend indicator shows almost the same pattern as in the middle of 2016. It was just before Bitcoin started its bull run and led BTC into the spotlight. Only a year and a half later, Bitcoin hit its highest price at the end of 2017.
This Bitcoin trend indicator is noticed by one of the most respectable analysts known as PlanB.
PlanB pointed out the Bitcoin trend indicator shows that the current price performance almost exactly matches a pattern from the mentioned period.
Bitcoin’s relative strength index is similar to its last bull run
Does the current setback really mean a big uptrend?
PlanB is very important and one of the most respected crypto analysts. He has made comprehensive research into Bitcoin price. Moreover, he stands behind the Bitcoin stock-to-flow model. A frequently quoted by extremely honored people from the financial sector.
PlanB had a great influence and still has, on crypto-skeptics. It was like a miracle watching how he turned skeptics into fans. For example CNBC’s Squawk Box hostJoe Kernen.
PlanB’s fresh analysis, the chart of Bitcoin’s Relative Strength Index (take a look again) shows a forceful indicator.
Can you see an extraordinary similarity? Just compare the year 2016 and nowadays action.
After a decline in RSI from the high 60s to low 60s, BTC RSI then climbs higher to approximately 75, stands there for a while to take a breath, then proceeds to rise over, crossing out just a bit below 90 on the RSI scale.
The point of this similarity is the strength of Bitcoin to stay on this level long enough to take a new breath and start a true bull run to the highest high.
The history should replicate itself.
Bitcoin is recognized as a safe asset. BTC does not connect to any single country’s policy determinations. Bitcoin is indeed a great advantage in these times of economic uncertainty.
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