Bitcoin metric continues its bull run, with price gains of up to 1,900%
Written byRock Buivy
Post Date: 6 Mar, 24
Bitcoin price movement bringing in $180,000 This cycle is now more likely to occur, as shown by the Bitcoin Williams%R Oscillator.
There is now a chance for Bitcoin to reach $180,000 if a fresh bull signal replicates past advances.
The founder of Cubic Analytics, Caleb Franzen, predicted that this cycle’s BTC price gains might reach 260% from present levels in a post on X on March 1.
Analyst notices extremely rare Signal of Williams%R oscillator
Although the price of bitcoin has increased by more than 43% just in February, a long-term price metric already predicts considerably higher levels.
Franzen discovered a remarkable bull signal flashing for just the fourth time ever by analysing the Williams%R Oscillator over three-year intervals.
“Bitcoin just finished its strongest monthly close since October 21st, but things are getting better and more optimistic… For the fourth time ever, the 36-month Williams%R Oscillator has closed over the overbought level, he concluded.
One tool for assessing the intensity of Bitcoin price trends is the Williams%R Oscillator. Franzen demonstrated that the instrument was crucial in indicating the beginning of Bitcoin’s bounce back from the 2022 bear market lows, as Cointelegraph reported.
A more uncommon event has returned: the 36-month Williams%R Oscillator is approaching “overbought” zone above -20. Previously, only 12-month timeframes were used.
Franzen went on, “I’ll say it again and again: overbought signals are extremely bullish and should be viewed as momentum signals, not signals to fade.”
Previous warning signs surfaced in the early stages of the Bitcoin bull market in 2013, 2016, and 2020.
Even matching the latter would result in a price of $180,000 for Bitcoin, even though the returns have dropped with each cycle, from 1,900% in 2013 to 260% in 2020.
Franzen conceded, however, that future performance cannot be assured, not even in the case of these exceptional occurrences.
“The analysis I provided for the 12M and 24M Williams%R signals has performed flawlessly; yet, my research makes no assurances. From a statistical standpoint, it merely informs us of historical market participant behaviour when investor behaviour was comparable,” he clarified.
“This study is categorically bullish, but from a binary perspective, we should see it more as enhancing bullish probabilities than as being outright bullish.”
RSI carries over its upward trend to monthly timeframes
The Relative Strength Index (RSI) is another indicator that frequently spends the steepest portions of bull markets at “overbought” levels.
TradingView data reveals that this is solidly overbought on daily timeframes, with a brief pass through 80/100 on February 28.
Before Bitcoin’s first surge upward and the introduction of spot Bitcoin exchange-traded funds, or ETFs, in the US, daily RSI carried out a type of reset in late December.
Furthermore, monthly timeframes appear even more promising, as the RSI is only now starting to move into the overbought area.
RSI, or Relative Strength Index, has demonstrated a persistent upward trend across monthly timeframes, showcasing its enduring momentum.
This technical indicator, widely used in financial markets to gauge the strength of price movements, provides valuable insights into market dynamics over longer periods.
The continuation of RSI’s upward trajectory on monthly charts suggests sustained bullish sentiment among market participants, reflecting a prevailing optimism and confidence in the underlying asset or market.
The consistent rise in RSI on monthly timeframes underscores a robust and enduring market trend, indicative of a prolonged period of buying pressure and upward momentum.
Traders and investors often rely on RSI as a tool to identify overbought or oversold conditions in the market, but its upward movement on longer timeframes signals a persistent bullish bias.
This trend may prompt market participants to adjust their trading strategies accordingly, considering the potential for further price appreciation and sustained upward momentum in the foreseeable future.
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Written by
Rock Buivy
Over the years, I've dedicated countless hours to researching and analyzing various crypto betting platforms, understanding their features, strengths, and weaknesses. This knowledge has allowed me to produce in-depth, well-rounded reviews that help users make informed decisions when it comes to choosing the right platform for their needs.
