{"id":448198,"date":"2020-10-28T17:00:44","date_gmt":"2020-10-28T17:00:44","guid":{"rendered":"https:\/\/wncen.com\/?p=448198"},"modified":"2024-06-11T14:07:41","modified_gmt":"2024-06-11T14:07:41","slug":"bitcoin-rsi-moves-into-bull-market-territory-heres-what-happens-next","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-rsi-moves-into-bull-market-territory-heres-what-happens-next\/","title":{"rendered":"Bitcoin RSI Moves Into Bull Market Territory, Here\u2019s What Happens Next"},"content":{"rendered":"<p><a href=\"https:\/\/wncen.com\/analysis\/btc\/bitcoin-just-broke-13-8k\/\">Bitcoin price nearly set a new higher high<\/a> and confirmed a bull trend. But before the leading cryptocurrency by market cap could set a new peak, a popular trading indicator might have jumped the gun and confirmed the bull market.<\/p>\n<p>The rare reading on the <a href=\"https:\/\/wncen.com\/courses\/intermediate-crypto-trading-101\/lessons\/indicators-and-oscillators\/topic\/relative-strength-index\/\">Relative Strength Index<\/a> has only happened a grand total of 14 times in more than a decade, and on average each impulse has resulted in over 239% upside. This signal has only just appeared, potentially, suggesting that the latest impulse could reach as high as $31,000 per BTC. Here&#8217;s what could possibly happen next in crypto.<\/p>\n<h2>BTCUSD Weekly Relative Strength Index Reach Bull Market Levels<\/h2>\n<p>Browsing anywhere in the media or in social communities, and you&#8217;ll find <a href=\"https:\/\/wncen.com\/analysis\/btc\/holy-cow-industry-reacts-to-bullish-bitcoin-analysis-by-jp-morgan\/\">talk about Bitcoin<\/a> and how it could finally be turning a corner with investors.<\/p>\n<p>Businesses, institutions, and hedge fund managers are suddenly pouring money in, rather than past bull cycles being driven by retail investors. Over 3% of the total BTC supply of 21 million BTC <a href=\"https:\/\/wncen.com\/analysis\/btc\/bitcoin-held-by-public-companies-now-on-par-with-past-market-cap\/\">is now held by 24 companies alone<\/a>.<\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading | <a class=\"row-title\" href=\"https:\/\/wncen.com\/analysis\/btc\/crypto-analyst-warns-that-a-bitcoin-hell-candle-is-coming\/\">Crypto Analyst Warns That A Bitcoin \u201cHell Candle\u201d Is Coming<\/a><\/strong><\/em><\/p>\n<p>The asset&#8217;s block reward halving, expected to be the catalyst to start the new cycle, is now in the past. The only thing missing is a higher high to <a href=\"https:\/\/wncen.com\/courses\/intermediate-crypto-trading-101\/lessons\/trends\/topic\/uptrends-explained\/\">confirm an uptrend<\/a> and new bull market.<\/p>\n<p>Bitcoin missed the mark by just a few bucks last night and has since sunk nearly $1,000, briefly crashing below $13,000 less than 24 hours later.<\/p>\n<p><img data-recalc-dims=\"1\" height=\"860\" width=\"860\" decoding=\"async\" class=\"alignnone size-large wp-image-448222 aligncenter\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/10\/bitcoin-bull-marker-RSI-2.png?fit=860%2C860\" alt=\"\" loading=\"lazy\"><\/p>\n<pre style=\"text-align: center\">Two failed early BTC bull market readings, led to the third being the charm | Source: <a href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/\" target=\"_blank\" rel=\"noopener nofollow\">BTCUSD on TradingView.com<\/a><\/pre>\n<p>But it could be too late for bears that initiated <a href=\"https:\/\/wncen.com\/analysis\/btc\/crypto-analyst-warns-that-a-bitcoin-hell-candle-is-coming\/\">last night&#8217;s selloff<\/a>? On the weekly BTCUSD Relative Strength Index indicator, the top cryptocurrency might have already confirmed a new bull market or at least a bullish impulse just starting that should send the cryptocurrency soaring higher.<\/p>\n<h2>RSI Breakout Results In Bitcoin Rally Of 239% On Average, Only 14 Times In History<\/h2>\n<p>The leading cryptocurrency by market cap could be about to pull off an amazing feat, and rise anywhere from 36% on the lowest end to as much as 1913% once breaking above 70 on the weekly <a href=\"https:\/\/wncen.com\/courses\/intermediate-crypto-trading-101\/lessons\/indicators-and-oscillators\/topic\/relative-strength-index\/\">Relative Strength Index<\/a>.<\/p>\n<p><img data-recalc-dims=\"1\" height=\"860\" width=\"860\" decoding=\"async\" class=\"alignnone size-large wp-image-448221 aligncenter\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/10\/bitcoin-bull-marker-RSI.png?fit=860%2C860\" alt=\"\" loading=\"lazy\"><\/p>\n<pre style=\"text-align: center\">Fourteen RSI breakouts resulted in 239% climb on average | Source: <a href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/\" target=\"_blank\" rel=\"noopener nofollow\">BTCUSD on TradingView.com<\/a><\/pre>\n<p>On average, across only 14 times that this bullish signal happened, Bitcoin continued to climb another 239%. Another 239% from current levels, would put the BTC at a price of roughly $31,00 and set a new all-time high.<\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading | <a href=\"https:\/\/wncen.com\/analysis\/btc\/bitcoin-whale-wallets-with-1000-btc-or-more-spike-to-highest-levels-in-history\/\">Bitcoin Whale Wallets With 1000+ BTC Or More Spike To Highest Levels In History<\/a><\/strong><\/em><\/p>\n<p>Past results don&#8217;t guarantee future performance, and anything is possible. But if the weekly can close above this key bullish level, <a href=\"https:\/\/wncen.com\/analysis\/btc\/bitcoin-whale-wallets-with-1000-btc-or-more-spike-to-highest-levels-in-history\/\">a new bull run could be here<\/a>, and an explosive move will soon confirm it.<\/p>\n<pre>Featured image from Deposit Photos, Charts from TradingView.com<\/pre>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price nearly set a new higher high and confirmed a bull trend. But before the leading cryptocurrency by market cap could set a new peak, a popular trading indicator might have jumped the gun and confirmed the bull market. The rare reading on the Relative Strength Index has only happened a grand total of 14 times in more than a decade, and on average each impulse has resulted in over 239% upside. This signal has only just appeared, potentially, suggesting that the latest impulse could reach as high as $31,000 per BTC. Here&#8217;s what could possibly happen next in crypto. BTCUSD Weekly Relative Strength Index Reach Bull Market Levels Browsing anywhere in the media or in social communities, and you&#8217;ll find talk about Bitcoin and how it could finally be turning a corner with investors. Businesses, institutions, and hedge fund managers are suddenly pouring money in, rather than past bull cycles being driven by retail investors. Over 3% of the total BTC supply of 21 million BTC is now held by 24 companies alone. Related Reading | Crypto Analyst Warns That A Bitcoin \u201cHell Candle\u201d Is Coming The asset&#8217;s block reward halving, expected to be the catalyst to start the new cycle, is now in the past. The only thing missing is a higher high to confirm an uptrend and new bull market. Bitcoin missed the mark by just a few bucks last night and has since sunk nearly $1,000, briefly crashing below $13,000 less than 24 hours later. Two failed early BTC bull market readings, led to the third being the charm | Source: BTCUSD on TradingView.com But it could be too late for bears that initiated last night&#8217;s selloff? On the weekly BTCUSD Relative Strength Index indicator, the top cryptocurrency might have already confirmed a new bull market or at least a bullish impulse just starting that should send the cryptocurrency soaring higher. RSI Breakout Results In Bitcoin Rally Of 239% On Average, Only 14 Times In History The leading cryptocurrency by market cap could be about to pull off an amazing feat, and rise anywhere from 36% on the lowest end to as much as 1913% once breaking above 70 on the weekly Relative Strength Index. Fourteen RSI breakouts resulted in 239% climb on average | Source: BTCUSD on TradingView.com On average, across only 14 times that this bullish signal happened, Bitcoin continued to climb another 239%. Another 239% from current levels, would put the BTC at a price of roughly $31,00 and set a new all-time high. Related Reading | Bitcoin Whale Wallets With 1000+ BTC Or More Spike To Highest Levels In History Past results don&#8217;t guarantee future performance, and anything is possible. But if the weekly can close above this key bullish level, a new bull run could be here, and an explosive move will soon confirm it. Featured image from Deposit Photos, Charts from TradingView.com<\/p>\n","protected":false},"author":517,"featured_media":448208,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1119,1144,82859,78790,6664,16393,14763],"class_list":["post-448198","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc","tag-btcusd","tag-btcusdc","tag-btcusdt","tag-crypto","tag-relative-strength-index","tag-rsi"],"acf":[],"yoast_head":"\n<title>Bitcoin RSI Moves Into Bull Market Territory, Here\u2019s What Happens Next<\/title>\n<meta name=\"description\" content=\"Bitcoin price nearly set a new higher high and confirmed a bull trend. 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The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions. In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony\u2019s expertise to guide their trading strategies. Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies. 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His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice. In summary, Tony \\\"The Bull\\\" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. 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