According to well-known analyst Willie Wu, Bitcoin is at the beginning of another “large-scale bull rally”, and the price peak will be reached by the end of 2021.
On November 11, Wu gave further arguments why the price rise of the leading cryptocurrency is just beginning.
Willie Wu: Bitcoin RSI "just warming up"
The analyst has published a BTC price chart with a Relative Strength Index chart. Wu noted the similarities between the current metric trend and dynamics in early 2017:
The green circle indicates where we are in the macro cycle - the beginning of a large-scale bull rally (if it is not already obvious).
The BTC Relative Strength Index is just warming up. The red vertical lines are halvings providing a bullish impulse to the supply shock.
It is noteworthy that at the end of July, Wu published an RSI chart with a possible trend development pattern. At that time, the consolidation of the indicator was completed, which was expressed in a series of higher lows and lower highs of the metric and the price of BTC:
At the time, Wu predicted a bullish rally to begin either in late 2020 or in the first quarter of 2021, and at this point, his assumption looks realistic. The analyst assumes that the peak of the active phase of the bullish cycle will be recorded in about 12 months:
My choice is December 2021, when I have to sell in order to pay taxes, like last time.
2021 will be the year of BTC price records
Many analysts, not only Willie Wu, do not consider the BTC price trend of the past few months to be abnormal.
Real Vision CEO Raoul Pal and co-founder of Gemini exchange Tyler Winklevoss say a new all-time high for BTC / USD will be set no later than the first quarter of next year.
Some of the difficulties that accompanied the rally to $16,000 were automatically canceled thanks to the next adjustment of the mining difficulty: this week, network fees fell to an acceptable level, and the number of unconfirmed transactions dropped to almost zero.
The next adjustment, currently estimated at -6%, should occur in about four days.