Bitcoin is technically on track to reach $233,000, potentially as soon as the first quarter of 2025.
In a new price forecast, the analytics account Bitcoindata21 used the Relative Strength Index (RSI) to predict six-figure price levels for BTC/USD.
Bitcoin’s price action is currently consolidating around $65,000, but the coming months could bring significant market changes.
Using historical RSI data, Bitcoindata21 applied standard deviation to monthly RSI readings to suggest that the top of the current bull market could see Bitcoin reaching as high as $250,000.
“The top of the trend channel for monthly RSI is around 88.6 in Q1 2025,” the forecast stated. “If you are expecting it NOT to get hit, then you believe this time is different.”
Such a rapid price surge would not be unprecedented. As the prediction notes, previous Bitcoin bull markets have shown fast, dramatic upward movements toward macro highs.
“There is plenty of apathy and disbelief in the market right now after a long consolidation. Perfect time for price to rip higher, further than the hive mind believes,” another X post from Bitcoindata21 explained. The post added that the last bull cycle saw Bitcoin go from $10,000 to $67,000 in just seven months, driven largely by institutional buying from entities like Grayscale.
The analytics account also hinted at additional evidence suggesting Bitcoin could reach $250,000, with more details to be shared later.
As reported by Cointelegraph, RSI is a popular indicator for those seeking to predict Bitcoin price breakouts.
On October 15, the daily RSI stood at around 62.7, above the key midpoint of 50 but still below the “overbought” threshold of 70.
Trader Mags, another prominent analyst, echoed Bitcoindata21’s sentiment, noting, “Each bull cycle Bitcoin peaks when the monthly RSI enters the extreme overbought zone (above 90). We haven’t seen that happen in this cycle yet.” Mags added that the monthly RSI still has “a lot of room to grow,” and if history repeats, the next leg up could be “epic.”
