For a while now, the excitement about Bitcoin has been building up, and as things stand right now analysts are feeling very confident in comparing this bull run to the time when Bitcoin almost touch $20,000. One of the most famous BTC price forecasting tool, PlanB, said that Bitcoin is definitely in a bull market as the RSI index is still only at 64. RSI indicator is generally used in analyzing the stock /crypto market demand. It is used in gauging whether a cryptocurrency is at Overbought or Oversold at a specific price point.
Let’s discuss the current behavior of Bitcoin from the figure down below. If you look at the graph, you can see that the current behavior of Bitcoin is mimicking the behavior of 2012 as well as 2016, also both having a similar RSI. Right now, Bitcoin is testing the support level of $12,000 by currently consolidating around it. Recently, Cointelegraph has released a report on Bitcoin, which talks about how the next significant levels for Bitcoin will be $13,000 and $14,000. If successfully overcome, it might trigger a strong move towards all-time highs.
Money influx in Crypto over the last year :
In 2019, Total Market Capitalization of crypto was at $192.85 billion on Dec 31st, 2019, and the all-time high of Bitcoin in 2019 was at $11,417. Today, the Total Market Capitalization of crypto is at $372.78 billion. The money that has flown into Crypto since the last year is $179 billion! This shows how fast the Crypto world is growing and as things stand if the money keeps coming we can see some new all-time highs.
