BTC price to peak in late-2021, says crypto analyst

12 Nov 2020

Bitcoin is at the beginning of its next “main bull run”, with the price not hitting its peak until the end of next year.

This is according to renowned crypto analyst Willy Woo. 

On a series of Tweets, the creator of statistics resource Woobull offered new evidence to show that Bitcoin’s price gains are only just starting.

Making reference to a chart showing Bitcoin’s relative strength index (RSI), Woo cited similarities between current behaviour and that seen at the beginning of 2017.

He stated: “Green circle denotes where we are in this macro cycle. Start of the main bull run (in case it isn't already obvious).

“BTC's on-chain Relative Strength Index is just warming up. Red verticals are the halvenings, providing the bullish supply shock impulse.”

RSI focuses on price behaviour over a specific timeframe. The calculation involves ratio of average closes higher and lower over that time, Cointelegraph reports.

Willy Woo was referring to his own 365-day RSI chart, with the readings following on from its position during an update back in July.

At that time, Bitcoin was ending a period of RSI compression, accompanying several higher lows and lower highs for the Bitcoin price.

Woo forecast the bull run would get underway in Q4 this year or Q1 2021, and now predicts Bitcoin’s new bullish stage will peak in around a year.
When asked about a potential peak in the BTC price, Woo stated: “My pick is December 2021, gotta sell to pay taxes like last time.”
In addition, the CEO of Real Vision, Raoul Pal and Gemini exchange co-founder Tyler Winklevoss have both said that a new record high for BTC/USD will come no later than Q1 2021.