Bitcoin On Road to Hit $30,000 by May 2022, Analyst Asserts

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There are more reasons to hold Bitcoin than to sell it for short-term gains, according to independent financial consultant Alan Masters. The analyst stated that the flagship cryptocurrency could hit $30,000 by May 2022, citing an anecdotal technical indicator to back his ultra-bullish outlook. Dubbed as Relative Strength Indicator, or RSI, the so-called momentum oscillator measures the speed and change of price movements. An RSI reading above 70 makes an asset overbought. Conversely, a reading below 30 makes it oversold. Bitcoin lately voyaged into the “overbought” on weekly timeframes for the first time since December 2017, topping above ’80.’ Mr. Masters considered the upside move as a sign of further bullish momentum. “When Bitcoin first hit this high on the weekly RSI, it grew straight for 550+ days,” he explained. “If we get similar action starting now, November 2020, we will see prices continue to increase with higher highs and…

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