✅✅ Bitcoin RSI copies 2017 bull run as trader says $75K key for BTC price
Bitcoin could be preparing its “main breakout” if RSI traits follow the run-up to old $20,000 highs from late 2017.
Bitcoin $BTC is quietly copying a key feature from the 2016 bull market, which kicks in at $75,000.
In a post on X on May 24, popular trader Jelle eyed what could become the next “main breakout” for BTC price action.
Trader: BTC price “incredibly similar to early 2017”
Bitcoin analysis often points to similarities between the current bull cycle and those gone by — notably the two most recent: 2016–2017 and 2020–2021.
“Bitcoin is playing out incredibly similar to early 2017,” Jelle summarized.
An accompanying chart compared BTC/USD performance on the way to its 2017 peak of $20,000 to its journey from January 2023 to now.
Today, as seven years ago, RSI is declining, while price is accelerating toward previous highs.
“A hidden bullish divergence and choppy waters right around the previous all-time highs — before the main breakout,” Jelle explained.
Historically, Bitcoin tends to put in its most strident upside when RSI is in the “overbought” zone above 70. Such readings can endure for a considerable length of time before the BTC price rally becomes unsustainable.
