A prominent crypto strategist, Benjamin Cowen, has recently shared insights with his 803,000 YouTube subscribers about Bitcoin’s next potential price movement based on its Relative Strength Index (RSI) patterns. Cowen, analyzing the two-week candlestick charts, noted an unsettling trend where the RSI reaches a consistent downward resistance level at each of Bitcoin’s historical price peaks.
In his latest video, Cowen pointed out that this RSI pattern has emerged at critical times in Bitcoin’s history, such as in 2011, 2013, 2017, and as recently as January 2021. Although Bitcoin’s price sometimes rose past these peaks, the RSI indicator typically signaled a strong resistance level that coincided with major tops in the market.
The crypto strategist also drew parallels with the RSI behavior observed in 2019, speculating on the possibility of Bitcoin “pulling a 2019.” During that year, Bitcoin’s monthly RSI struggled to break past the 66 level but later achieved a substantial rally, only to decline over the next nine months. Cowen posited that a similar trend could unfold towards the end of 2024, considering the current RSI level at 60.99.
As of now, Bitcoin is trading at $57,933, marking a modest 1.3% increase over the past 24 hours. Cowen’s analysis suggests that traders should closely monitor these RSI levels and consider them in their risk management strategies, as they could indicate significant turning points in Bitcoin’s price trajectory.
