While the US-China trade agreement triggered the rise in Bitcoin, the biggest question is “will the rise continue?”
While Bitcoin’s recent V-shaped recovery above $104,000 increased bullish expectations, an updated assessment came from analyst PlanB, known for his S2F model.
PlanB noted that the given cycle does not signal an end, but rather a bullish signal. Based on historical patterns, the analyst expects Bitcoin to surpass its previous ATH near $110,000 very soon and set a new record.
At this point, the analyst is likely predicting that several new highs will follow in quick succession.
Stating that the Bitcoin RSI is currently at 66, PlanB stated that the RSI will rise above 80, which was also seen in past bull runs, in the coming months and will remain at these levels for a few more months.
“We will see the RSI rise back to the 80 levels seen in previous bulls. This is bullish and could push Bitcoin’s price to $400,000 in just a few months.”
“The 200-week moving average has risen from $46,000 to $47,000, indicating increased market confidence and possibly the beginning of a FOMO phase,” the analyst said, noting that this prediction coincides with the S2F model, which suggests that Bitcoin could reach $500,000 by the end of the current halving cycle.
*This is not investment advice.