According to analyst Willie Wu, bitcoin is at the beginning of its next major bull rally, with a price peak expected to hit late 2021.
The creator of the analytical resource Woobull has published on Twitter new data that shows that the rise in bitcoin prices is just beginning. He posted a chart of Bitcoin's Relative Strength Index (RSI), noting the similarities between the indicator's current behavior since early 2017.
“The green circle represents where we are in this macrocycle. The beginning of the main bull rally (if it is not obvious yet),” he said. “The BTC Relative Strength Index is only gaining momentum. The red verticals are halvings that provide a bullish impulse for a supply shock." Wu used his 365-day RSI.
Wu's tweet is an update to the July forecast. At that time, according to the analyst, Bitcoin was ending a period of so-called "RSI compression".
Wu believes the price of bitcoin will peak in about a year. “My peak is in December 2021. You have to sell to pay taxes like last time,” he said.