The coin market may be among the most unpredictable. Yet, it is one of the markets that have made a lot of people millionaires in the shortest time. The closest comparison to it could be the Dotcom phenomenon.
Even though it is not easy to predict what the price of Bitcoin would be in the next few days, weeks or even years, what is obvious is that the long-term outlook is bright due to the built-in anti-inflationary mechanisms that makes the value appreciate over time.
According to a tweet by the market analyst PlanB, BTC would likely hover around the ATH mode for several weeks. This was based on some technical analytical data as presented by PlanB.
However, the price of the asset which recently reached an ATH of $66,600 moved into correction trading as low as $58,840. At the time of filing this report, the coin is trading above $61,000. So some analysts are wondering how long the coin would consolidate and gain higher value before the end of October.
Bitcoin on the 4H chart shows that the coin may trade extensively around the $60,000 region. This confirms the trend seen on the moving average indicator and has actually reflected on the price of the asset in the past 3 days.
Using the Relative Strength Index (RSI) within the same time-frame shows that Bitcoin is actually in the overbought region with a value of 50. This means that we will likely see higher prices in the interim.
I keep staring at this weekly chart .. if RSI goes above 70, like in 2013 and 2017 .. 👀 pic.twitter.com/wxuDgnb0If
— PlanB (@100trillionUSD) October 26, 2021
PlanB in a tweet pointed out that we should be on the lookout for when RSI goes higher than 70. However, we actually saw that happen on October 21, but Bitcoin bulls have shown that they hold enough volume to support the coin above $60,000.
So will Bitcoin close October above $63,000? Really, that is highly likely considering the volume that we are currently seeing in exchanges.