According to ME News, on November 1 (UTC+8), PlanB, the creator of the Bitcoin S2F model, posted that Bitcoin’s October closing price was $77,430, failing to deliver the so-called “Uptober” rally. PlanB noted that Bitcoin’s RSI has remained above 50 for three consecutive months, which he views as a signal of a new bull market cycle. (Source: PANews)
PlanB: Bitcoin RSI Above 50 for Three Consecutive Months Signals New Bull Market
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Summary
According to PlanB, creator of the Bitcoin S2F model, Bitcoin’s RSI remained above 50 for three consecutive months in October. Bitcoin closed the month at $77,430, falling short of the “Uptober” price target. PlanB suggested that the RSI trend could signal the start of a new bull market. This Bitcoin update comes as market observers monitor key technical indicators for signs of a reversal.
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