Bitcoin RSI strength shows BTC price still far from its cycle peak

Bitcoin (BTC) has only just begun to hit an all-time high as its Relative Strength Index (RSI) repeats historical behavior.

As Note from popular Twitter analyst TechDev on October 18, RSI has yet to generate top macro signals for BTC / USD.

RSI is very far from the classic macro tops

Bitcoin has kept the market forward-looking as it has moved sideways just below all-time highs without hitting them this month.

Over time, concerns grew that the bearish high that many have been expecting may not be as high as the bulls had hoped.

With a look at the technical data, however, the true state of Bitcoin’s bull run becomes clear – much remains.

“The two-week RSI channel update named every bitcoin high and low in history,” TechDev explained.

“Current RSI value: 68. Expected peak value: 93-94. Every time it breaks the EQ it is accessed at the top. Let’s clear the sky in front of us. Don’t forget this when it’s time to reinvest at the bottom. “

History has proven that RSI is a key factor in tracking Bitcoin price strength over time. A value above 90 has coincided with the high, and until that level is broken, Bitcoin’s spot price action will be higher.

TechDev previously forecast a potential high for this cycle of between $ 200,000 and $ 300,000 – again based on mathematical phenomena, particularly the Fibonacci sequences that also characterize every bull run.

Extreme greed lurks in the background

Technical formulas like this paint a completely different picture for price indicators based on various aspects of the cryptocurrency market.

Related: All Time High Weekly Close – 5 Things To Watch For Bitcoin This Week

This week the Crypto Fear & Greed Index has returned to its highest possible zone, “extreme greed”.

At 78/100, the index is noticeably closer to its own high than the RSI, which has signaled a macro high in the past.

As Cointelegraph reported, 95/100 and above have accompanied every high point in Bitcoin’s history, leaving valuable room for growth, unless that growth itself becomes more sustainable.