Widely followed quant analyst PlanB says that one indicator is suggesting a return to a FOMO (fear of missing out)-style bull market for Bitcoin (BTC).

In a new video update, PlanB tells his 215,000 YouTube subscribers that the crypto king’s rising relative strength index (RSI), a momentum indicator that measures when an asset is overbought or oversold, suggests that rallies are coming over the next several months.

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According to the analyst, based on historical precedent, if BTC can hit an RSI of 75 on the monthly chart, a months-long “hot” FOMO bull market will follow.

“We had some FOMO and disappointment last year, and that’s why this RSI average shows a little wobble here. Well, I expected [that], and actually, that’s what we’re seeing last month. It picked up the upward slope again. So I expect [BTC] to continue toward [an RSI of] 75, because if you look here in 2019, after the wobble, it returned to the former levels before the wobble.

We have seen 75 RSI already three or five times, so I think we’re going to return to that level… That means if that were to happen this month in July, then July would [see BTC] end at $125,000ish…

And after that, of course, I expect some really hot FOMO bull months of 80 RSI, 80+ like we’ve seen in all the bull markets. Even the lousy 2021 bull markets had five months above RSI 80. So that’s what I expect.”

Source: PlanB/YouTube

Bitcoin is trading for $107,992 at time of writing.

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