Bitcoin (BTC) can explode to reach $92,000 in the coming two weeks and still ‘just’ be matching its past performance, according to new data. In a tweet on April 14, PlanB, the analyst behind the stock-to-flow (S2F) family of BTC price models, said that despite this week’s gains, bitcoin still has plenty of energy in it.
PlanB focused primarily on Bitcoin’s relative strength index (RSI), which is a classic metric that is used to determine the progress of price runs specifically. Notably, RSI can offer a useful insight into whether BTC is overbought at a certain point in its bull run, while the opposite scenario, oversold, is also true.
Based on previous reports, PlanB has mentioned the metric’s cues for the hodlers throughout 2021, including during the Spring bear market bottom and in August when the sentiment was gearing up for the bull run that is continuing up to today.
For now, the RSI measures 92/100. That is near the top of its range but about three points off the peak of BTC’s 2013 and 2017 bull runs. A lot more upside is needed to match the previous bull runs. PlanB summarized:
“Bitcoin is looking strong at RSI 92. Still not above RSI 95 like 2017, 2013, and 2011 bull markets. I calculated the BTC price needed for RSI 95 at April close: $92K. Let’s see what the Coinbase IPO will do today.”
What Is In A Public Listing?
For the traders that see the $92,000 tag as overly optimistic, PlanB is not alone in projecting more, not less, vertical price movements from bitcoin in the future. The latest chart that is showing bitcoin’s 2021 performance compared to 2013 and 2017 also showed that BTC is behaving “modestly” and not increasing too quickly.
In the meantime, PlanB highlighted a major event for the Coinbase exchange set for April 14: its debut on the Nasdaq. Despite fears that a sell-off may happen as a result, Coinbase’s direct listing is now hailed as a watershed moment for crypto. That is a behavior normally expected of a related move, which is the initial public offering.
In that context, with the new status, Coinbase may usher in a similarly new era for BTC and altcoins, with price action possibly foreshadowing what is to come.
With a pre-debut valuation of around $149 billion, Coinbase will effectively become the 9th-biggest ‘bank’ in the world by market capitalization, figures circulating online on April 14, 2021, showed.