Bitcoin has been quite bullish over the past few months and has recently hit a high of $64k. Even with this massive bullish run, some investors feel that the digital asset price still has significant room for upside gains.
One such market expert is Plan B, who used the Relative Strength Index technical indicator to measure market strength of the leading crypto asset. According to Plan B, the price of the asset could rally to as high as $92k through April and still be in the bullish range on the RSI.
Plan B tweeted that despite the massive surge in value, its price models showed that BTC had lots of energy to make even more significant gains.
#Bitcoin is looking strong at RSI 92. Still not above RSI 95 like 2017, 2013 and 2011 bull markets. I calculated BTC price needed for RSI 95 at April close: $92K. Let's see what the Coinbase IPO will do today🚀 pic.twitter.com/UTvdFWFhDK
— PlanB (@100trillionUSD) April 14, 2021
RSI usually tracks Bitcoin’s price movements and when the crypto is undervalued, in an uptrend, or hitting overbought territories. The metric has been quite helpful over the years, especially during the last bear market. Through this metric, the index accurately predicted the beginning of Bitcoin’s bull market in August last year.
The index notes that at the moment, Bitcoin has an RSI reading of 92, which is relatively high but still 3 points shy of the crypto hit in 2011, 2013, and 2017. For Bitcoin to hit an RSI similar to its previous rallies, it needs to test a high of $92k.
If this analysis is right, then it is good news for investors, even those getting in at current prices. That’s because if it rallies past $90k, the altcoin market too could follow suit especially if current market trends are anything to go by.