Widely followed quant analyst PlanB says that one indicator is suggesting a return to a FOMO (fear of missing out)-style bull market for Bitcoin (BTC).
In a new video update, PlanB tells his 215,000 YouTube subscribers that the crypto king’s rising relative strength index (RSI), a momentum indicator that measures when an asset is overbought or oversold, suggests that rallies are coming over the next several months.
According to the analyst, based on historical precedent, if BTC can hit an RSI of 75 on the monthly chart, 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 little wobble here. Well, I expected [that], and actually, that’s what we’re seeing last month. It picked up the upward slope again. So I expect [BTC] to continue toward [an RSI of] 75, because if you look here in 2019, after the wobble, it returned to the former levels before the wobble.
We have seen 75 RSI already three or five times, so I think we’re going to return to that level… That means if that were to happen this month in July, then July would [see BTC] end at $125,000ish…
And after that, of course, I expect some really hot FOMO bull months of 80 RSI, 80+ like we’ve seen in all the bull markets. Even the lousy 2021 bull markets had five months above RSI 80. So that’s what I expect.”
Bitcoin is trading for $107,992 at time of writing.
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