Bitcoin (BTC) is quietly adopting a significant characteristic from the 2016 bull market, which begins at $75,000. In a recent post on X, popular trader Jelle highlighted what could potentially be the next major breakout for BTC price action. Jelle noted that BTC’s price movement is remarkably similar to early 2017, with the relative strength index (RSI) playing a crucial role. The RSI captures whether an asset is overbought or oversold, and on weekly timeframes, BTC/USD is displaying an exciting pattern. Jelle compared BTC/USD performance on its journey to the 2017 peak of $20,000 to its current trajectory from January 2023. Just like seven years ago, the RSI is declining while the price is accelerating towards previous highs, indicating a hidden bullish divergence and choppy waters before the main breakout. Historically, Bitcoin has experienced its most significant gains when the RSI is in the “overbought” zone above 70. However, opinions on Bitcoin’s short-term future are mixed, with calls for a return to $60,000 or even lower. Despite the recent approval of spot Ether (ETH) exchange-traded funds in the United States, both BTC and ETH’s performance remains stagnant. Traders like Credible Crypto and Michaël van de Poppe predict a consolidation phase for Bitcoin within the current range. Van de Poppe also mentioned that liquidity was shifting from Bitcoin to Ether during the ETF launch, but described the situation as “fine.” It’s important to note that this article does not provide investment advice or recommendations, and readers should conduct their own research before making any decisions.
BTC Price Hinges on $75K, Bitcoin RSI Mirrors 2017 Bull Run, Claims Trader