If 2017 is our guide, we have a ways to go before it's time to lock in some profits
It's amazing how similar this current bull market has been to what took place back in 2017.
The news flow has been wildly different, but the price action and timing of that price action has been incredibly similar never the less.
Back in late 2017, bitcoin peaked when the RSI was over 95.
Going back further, the price peaked back in 2013 and in 2011 when the price was also over 95.
That gives us quite a few data points to go off of for a peak this time around.
Here's where we are currently:
(Source:
We are currently around 75 on the RSI chart, and that is pretty much where were at this stage of the rally back in 2017.
That means we likely have many months and much higher prices to go before we can think about a topping price.
It seems everywhere I look there is a metric telling me bitcoin is going a lot higher still, but the price is just chilling.
I think it's building strength during this consolidation period for a big move up once the sellers are chewed through.
$100k seems so far away, but the biggest gains happen at the very end of these bull markets. We could be $50k by November of next year and the price could double from there in a week.
We live in a great time.