BTC Holds Below $100,000, But a Breakout Seems Imminent

At less than 2% below $100,000, Bitcoin (BTC) is trading. In November, the price of Bitcoin rose by more than 40%. What is the next goal for this current trend in Bitcoin? Since emerging from a long-term channel in November, the price of Bitcoin has skyrocketed. It has risen by 40% thus far, reaching a new all-time high of $99,800 on November 22. Following a minor drop, Bitcoin is making another attempt to surpass $100,000. At the time of writing, BTC is trading at $96,046, meaning that it is staginating, but a breakout looks imminent.

Throughout its recent surge, there have been almost no sustained declines in the price of Bitcoin. How long will there be no corrections to the rising price of Bitcoin? In both past market cycles, the Bitcoin chart’s monthly time scale displays an intriguing pattern. The bull run’s most parabolic phase began in November 2016, when the monthly RSI went over 70. After 395 days, the price increased by 2,500%, reaching an all-time high of $19,764 in December 2017.

In October 2020, a comparable incident took place. The price of Bitcoin rose 563% over 396 days after the monthly RSI went over 70, reaching a new all-time high of $68,944 in November 2021. In October, Bitcoin’s RSI surpassed 70 in the current market cycle. If the past history is followed, this will result in a 396-day upward advance, culminating in a market cycle peak in November 2025.

Compared to the 2016–207 upward movement, the 2020–2021 upward movement was 4.46 times smaller. The price of Bitcoin will rise by 125% and reach a peak of $140,000 if the ratio holds.