This idea is inspired by Path (@Cryptopathic) tweet about BTC weekly RSI and Julien Bittel (@BittelJulien) tweet about the S&P500 comparison between today and 87-88.
The BTC weekly RSI has been over 95 only in 3 occasion, this week and 2 times in 2013. In particular the first time the weekly RSI went above 95, stayed above it for 5 weeks and passed 99. The BTC price rose of about 700% since the beginning of the impulse that would put BTC price of about 220,000 USD by the middle of February, before eventually crash.
I understand that the BTC capitalization is totally different if compared with 2013, but with the QE, new US president taking office, and many listed companies that following the step of Microstategies want to get on the BTC train in order to become a proxy for the Financial institutions that are not (yet) allowed to directly own BTC (and don't want to pay the premium of the grayscale Trust), the possibility is not to completely exclude.
In this optical of synergy between Stock market and crypto, it is also interesting to look at S&P500 overlay between today and 87-88 that is almost identical and that in the case will be confirmed would reach the top in February as well.
please let me know your opinions and idea.
The BTC weekly RSI has been over 95 only in 3 occasion, this week and 2 times in 2013. In particular the first time the weekly RSI went above 95, stayed above it for 5 weeks and passed 99. The BTC price rose of about 700% since the beginning of the impulse that would put BTC price of about 220,000 USD by the middle of February, before eventually crash.
I understand that the BTC capitalization is totally different if compared with 2013, but with the QE, new US president taking office, and many listed companies that following the step of Microstategies want to get on the BTC train in order to become a proxy for the Financial institutions that are not (yet) allowed to directly own BTC (and don't want to pay the premium of the grayscale Trust), the possibility is not to completely exclude.
In this optical of synergy between Stock market and crypto, it is also interesting to look at S&P500 overlay between today and 87-88 that is almost identical and that in the case will be confirmed would reach the top in February as well.
please let me know your opinions and idea.