Bitcoin RSI Surpasses 80, Historical Data Shows 50% Average Increase in 60 Days, Approaching $74,600 Before Halving
10X Research founder Markus Thielen pointed out that when Bitcoin’s RSI crossed 80 in the past 14 times, the average increase in the following 60 days was as high as 54%. This suggests that Bitcoin may rebound to $74,600.
10X Research’s target price has changed from the end of the year to before the halving:
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10X Research: 44K is the pressure zone for Bitcoin, the target for the first quarter is 50,000, and it will reach 70,000 by the end of the year.
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Bitcoin rises an average of 30% in the two months before the halving
RSI signal: Bitcoin will reach $74,600
Market structure changes, crypto bulls become bolder
Bitcoin rises an average of 30% in the two months before the halving
According to CoinDesk, despite Bitcoin’s hesitation at the $50,000 level, the trading research institution 10X Research remains bullish on Bitcoin.
Bitcoin usually bottoms out 12-16 months before the halving (expected on April 19) and begins to rise within a year before and after the halving. Markus Thielen, founder of 10X Research, pointed out that Bitcoin’s average increase in the 60 days before the halving is 32%. Based on the current market price of about $52,000, this means that it will impact the historical high of $69,000 two months later.
Markus Thielen said:
Just like the trends in the past three halving cycles, the closer we get to the Bitcoin halving, the greater the possibility of Bitcoin rising. This time is no different because the crypto community generally sees the halving as bullish, and this concept undoubtedly influences traditional financial professionals who are actively buying Bitcoin ETFs before the halving.
BTC/USDT daily chart | Source: OKX
RSI signal: Bitcoin will reach $74,600
10X Research further quotes the RSI indicator (relative strength index) to indicate that Bitcoin’s 14-day RSI crossed 80 for the first time since December a week ago.
And 10X Research data shows that out of the past 14 occurrences of this signal, there have been 12 significant increases, with an average increase of 54% in Bitcoin’s price in the following 60 days.
Markus Thielen stated:
When this signal was triggered, the price of Bitcoin was $48,294. If we refer to historical data (average increase of 54% in 60 days), then Bitcoin may rebound to $74,600.
RSI crossing 80 almost only appears in bull markets
Market structure changes, crypto bulls become bolder
Markus Thielen also mentioned in a personal article that in the past, there were always large-scale liquidations during the Asian time on Sunday from 06:00 am to 07:00 am.
However, with FTX and Binance canceling high leverage trading of up to 125 times, as well as the changing market structure for investors, Markus Thielen believes that the current high leverage bulls are harder to eliminate.
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FTX cancels high leverage trading and limits it to a maximum of 20 times, founder SBF: We will take the lead in the industry
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10x research
Markus Thielen
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