A broadly adopted economist says {that a} $111,000 price ticket for Bitcoin (BTC) is within the playing cards amid the alignment of a technical indicator and a bullish market construction.
In a brand new video replace on Commerce Gate Hub, economist Henrik Zeberg says that primarily based on a key indicator, it’s attainable for the highest crypto asset by market cap to “soften up” to 6 figures by August.
In line with Zeberg, the crypto king has traditionally entered right into a parabolic section after its month-to-month relative power index (RSI) goes above 70.
”So I acquired $110,000-$115,000 for Bitcoin. It’s truly part of a bigger sample. I see that that is both the start of a brand new bull [run], but it surely must take a protracted break after the blow-off high.
However we haven’t gotten to the actually steep a part of it but. We see that we get to [an] RSI above 70, that’s actually once we see the steep half. After which individuals say ‘Yeah, but it surely’s declining,’ but it surely additionally did that [previously] into the steep half… And we don’t even have the final of this month, April may nonetheless be a really bullish month.”
Bitcoin’s RSI, a momentum indicator, is presently sitting at 71. Zeberg goes on to say that it’s even attainable for Bitcoin to hit a price ticket of over $200,000.
“I can truly see in a fair crazier world… that we are able to attain $250,000, however $110,000 to $115,000 is my goal.”
Bitcoin is buying and selling for $66,115 at time of writing.
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