A technical indicator is suggesting the price of bitcoin may start surging in the new feature after forming a bullish cross that has only been seen twice before in the flagship cryptocurrency’s history, the last one being eight years ago.
Popular cryptocurrency analyst TechDev, as Cointelegraph reports, pointed out that the cryptocurrency’s Stochastic RSI indicator is showing a bullish cross between 20 and 80, and pointed out that this cross only happened in May 2021 and September 2013 before.
As the cryptocurrency’s price is moving higher, its Relative Strength Index (RSI), a momentum indicator used in technical analysis, has dropped from overvalued territory implying BTC was ready for a corrective pullback. While the RSI is a derivative of the price of the underlying asset, the Stochastic RSI is a derivative of the RSI itself.
The last time the Stochastic RSI showed a bullish cross for bitcoin, in 2013, the price of the cryptocurrency moved from around $13 at the beginning of the year to a then-new all-time high of around $1,300 before it subsequently crashed.
If the technical indicator is correct, it could fulfill several price predictions made in the last few months eyeing the $100,000 mark. As CryptoGlobe reported, the third person to ever own bitcoin Adam Back said BTC hitting six figures this year is “quite possible,” while the managing director of financial consultancy firm Midas Touch Consulting, has revealed he is “pretty sure” the price of bitcoin is set to hit $100,000 in the near future.
Bobby Lee, a cryptocurrency industry veteran who co-founded the BTCC exchange and is the brother of Litecoin creator Charlie Lee, has revealed during an interview he expects bitcoin to see a rally driven by fear of missing out (FOMO) by the end of the year that will take its price above the $100,000 mark.
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