Bitcoin (BTC) has barely started its run to new all-time highs if its relative strength index (RSI) repeats historical behavior.As noted by popular Twitter analyst TechDev on Oct. 18, RSI has yet to produce macro top signals for BTC/USD.RSI falls far short of classic macro top zoneBitcoin has kept the market guessing as it tracks sideways just below all-time highs without hitting them this month.With time, concerns have mounted that the blow-off top that many expect may not be as high as the bulls hope.Looking at technical data, however, the real state of Bitcoin‘s bull run becomes apparent — there’s a lot more left.”Update on the 2-week RSI channel which has called every Bitcoin top and bottom in history,” TechDev explained. “Current RSI Value: 68. Projected Top Value: 93-94. Every time it’s broken the EQ it’s visited the top. Clear skies ahead. Don’t forget this when it comes time to reinvest at the bottom.”History has proven RSI to be a key factor in tracking Bitcoin price strength on longer timeframes. A 90+ reading has coincided with tops, and until this level is broken, Bitcoin spot price action trends higher.BTC/USD chart with RSI peaks highlighted. Source: TechDev/ TwitterTechDev previously forecasted a potential top for this cycle lying between $200,000 and $300,000 — again based on mathematical phenomena, notably Fibonacci sequences which have also characterized every bull run.Extreme greed lurks in the backgroundTechnical formulae such as these paint a decidedly different picture to price metrics based on different aspects of crypto markets.Related: All-time high weekly close — 5 things to watch in Bitcoin this weekThis week, the Crypto Fear & Greed Index returned to its highest possible area, “extreme greed.”At 78/100, the Index is noticeably closer to its own peak than RSI, this likewise historically signalling macro tops. As Cointelegraph reported, 95/100 and up has accompanied every top in Bitcoin’s history, leaving precious little room for growth unless that growth itself becomes more sustainable.Crypto Fear & Greed Index as of Oct. 18. Source: Alternative.me
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Bitcoin RSI strength suggests BTC price is still far from its cycle top
