Hot FOMO Bull Market for Bitcoin Likely Approaching As BTC Indicator Begins To Inch Upward: PlanB

Renowned quantitative analyst PlanB predicts a potential return to a FOMO (fear of missing out) bull market for Bitcoin (BTC) based on a key indicator.

In a recent video update, PlanB, with a subscriber base of 215,000 on YouTube, highlights Bitcoin’s increasing relative strength index (RSI) as a momentum indicator signaling upcoming rallies in the coming months.

Historically, PlanB suggests that if BTC reaches an RSI of 75 on the monthly chart, it could trigger a prolonged FOMO-driven bull market.

“We experienced some FOMO and disappointment last year, leading to a slight wobble in the RSI average. However, recent trends indicate an upward slope once again. I anticipate BTC to continue towards an RSI of 75, as we’ve seen in 2019 following similar patterns. If this were to occur in July, we could see BTC ending around $125,000.”

“Subsequently, I expect a series of highly bullish months with RSI levels exceeding 80, a common occurrence in previous bull markets. Even in the less impressive 2021 bull markets, we witnessed five months above RSI 80. This is what I anticipate.”