On a large scale, Quant Analyst Planb followed that one indicator suggests a return to a FOMO (Fear for Miss Out) style Bull market for Bitcoin (BTC).
In a new video update, Planb tells His 215,000 YouTube subscribers that the Rising Relative Strength Index (RSI) of the Crypto King, a momentum indicator who are measures when an active overbought or solder is suggested that rallies will come in the coming months.
According to the analyst, based on the historical precedent, if BTC can reach a 75 RSI of the monthly graph, a months-long “hot” Fomo Bull market will follow.
“We had some FOMO and disappointment last year, and that’s why this RSI average shows a bit here. Well, I expected [that]And actually, that’s what we see last month. It picked up the upward slope again. So I expect [BTC] To continue [an RSI of] 75, because if you look here in 2019, after the Wiebel, it returned to the former levels before the Wiebel.
We have seen 75 RSI three or five times, so I think we will return to that level … That means that if that would happen this month in July, then July would do that [see BTC] end at $ 125,000ish …
And then of course I expect a number of really hot fomo bull -of 80 RSI, 80+ as we have seen on all bull markets. Even the bad 2021 bull markets had five months above RSI 80. So that’s what I expect. “
Bitcoin acts for $ 107,992 at the time of writing.
https://www.youtube.com/watch?v=77CJIBDX_BY
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