{"id":143612,"date":"2020-12-29T20:34:19","date_gmt":"2020-12-29T17:34:19","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/bullish-year-ahead-bitcoin-primed-for-q1-2021-gains-strength-index-suggests\/"},"modified":"2020-12-29T20:34:19","modified_gmt":"2020-12-29T17:34:19","slug":"bullish-year-ahead-bitcoin-primed-for-q1-2021-gains-strength-index-suggests","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/bullish-year-ahead-bitcoin-primed-for-q1-2021-gains-strength-index-suggests\/","title":{"rendered":"# &#8216;Bullish year ahead&#8217; \u2014 Bitcoin primed for Q1 2021 gains, strength index suggests"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a400c2259c63\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a400c2259c63\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/bullish-year-ahead-bitcoin-primed-for-q1-2021-gains-strength-index-suggests\/#Is_2021_an_ideal_time_for_a_Bitcoin_rally\" >Is 2021 an ideal time for a Bitcoin rally?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/bullish-year-ahead-bitcoin-primed-for-q1-2021-gains-strength-index-suggests\/#%E2%80%9CBullish_year_ahead%E2%80%9D\" >&#8220;Bullish year ahead.&#8221;<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># &#8216;Bullish year ahead&#8217; \u2014 Bitcoin primed for Q1 2021 gains, strength index suggests <\/strong>&#8221;<\/p>\n<div class=\"post-content\" data-v-5a136f3a>The monthly relative strength index (RSI) of Bitcoin (BTC) shows the dominant cryptocurrency is primed for another rally.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Is_2021_an_ideal_time_for_a_Bitcoin_rally\"><\/span>Is 2021 an ideal time for a Bitcoin rally?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The RSI is a momentum indicator that measures whether an asset is overbought or oversold. When the RSI surpasses 75, it signals the asset is overbought, and when it drops below 30, it means the asset is oversold.<\/p>\n<p>A pseudonymous trader known as \u201cCrypto Capo\u201d noted that the monthly RSI of Bitcoin is set to close above 80. Historically, when this h<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ened, BTC saw a strong rally afterward.<\/p>\n<p>Although the monthly RSI of Bitcoin is above 80, which is technically oversold, BTC\u2019s RSI tends to become oversold for prolonged periods during a bull cycle.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2020-12\/97990bd6-f1a3-4435-9307-5eaa7fca01fb.jpg\" alt=\"\" title=\"\"><figcaption style=\"text-align: center;\"><em>The monthly RSI of Bitcoin. Source: Crypto Capo<\/em><\/figcaption><\/figure>\n<p>Hence, traders often refer to an oversold RSI on a high time frame chart, like the monthly candle chart, to forecast an extended rally in the short to medium term. The trader <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/CryptoCapo_\/status\/1343865707147259904\">said<\/a>:<\/p>\n<blockquote><p>\u201cMonthly candle is about to close above 80. When this happens, bullish trend continues, with an avg. return of 1010.87%. Each cycle is shorter.\u201d<\/p><\/blockquote>\n<p>However, the trader emphasized that one indicator cannot accurately predict the price cycle of Bitcoin. Crypto Capo explained that the combination of a few indicators could serve as guidance for the future. He wrote:<\/p>\n<blockquote><p>\u201cYou cannot base a prediction on an indicator. What we do is combining several methods to have a guideline for the future, to see what is more likely. But in the end, we adapt to what the price does in the present.\u201d<\/p><\/blockquote>\n<h2><span class=\"ez-toc-section\" id=\"%E2%80%9CBullish_year_ahead%E2%80%9D\"><\/span>&#8220;Bullish year ahead.&#8221;<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Traders have differing perspectives on where Bitcoin is headed in 2021, but most traders remain overwhelmingly bullish.<\/p>\n<p>Cointelegraph Markets analyst, Michael van de Poppe, said he anticipates Bitcoin to reach $65,000 to $85,000 by next year\u2019s end. He <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/CryptoMichNL\/status\/1343753608320458752\">stated<\/a>:<\/p>\n<blockquote><p>\u201cI&#8217;ve got to revise my view on the potential level of $BTC at the end of 2021. Through this recent surge, I&#8217;m expecting it to be between $65,000-85,000 at the end of 2021. Bullish year ahead.\u201d<\/p><\/blockquote>\n<p>Meanwhile, the options market is pricing in a 22% chance of Bitcoin achieving $120,000 by next year, which could also serve as a potential guideline on where BTC is heading in 2021.<\/p>\n<p>In the short-term, however, some traders are cautious in entering leveraged positions. A pseudonymous trader known as \u201cTheBoot\u201d said the ideal scenario is to wait for Bitcoin to consolidate at $25,000 or enter after the next price upsurge. The trader <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/TheBootMex\/status\/1343952042478493698\">explained<\/a>:<\/p>\n<blockquote><p>\u201cNo rush to enter leveraged trades on $btc right here imo. Best would be to wait and long low 25k or even mid 24k. Alternatively, wait for the next leg up and then a dip from there.\u201d<\/p><\/blockquote>\n<p>Cointelegraph previously reported that whales have been buying Bitcoin more aggressively since Christmas, which could buoy the mid-term bull case for BTC entering into 2021.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/bullish-year-ahead-bitcoin-primed-for-q1-2021-gains-strength-index-suggests\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# &#8216;Bullish year ahead&#8217; \u2014 Bitcoin primed for Q1 2021 gains, strength index suggests &#8221; The monthly relative strength index (RSI) of Bitcoin (BTC) shows the dominant cryptocurrency is primed for another rally. Is 2021 an ideal time for a Bitcoin rally? The RSI is a momentum indicator that measures whether an asset is overbought&#8230;<\/p>\n","protected":false},"author":1,"featured_media":143613,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/s3.cointelegraph.com\/uploads\/2020-12\/1625d9c3-061e-4f86-bc30-054ff1dbf8a1.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,74937,74939,73785,68637],"class_list":["post-143612","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-bitcoin-price","tag-market-analysis","tag-markets","tag-predictions"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/143612","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=143612"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/143612\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/143613"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=143612"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=143612"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=143612"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}