If History Rhymes, This Indicator Suggests Bitcoin May See a Parabolic Explosion

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Bitcoin has seen some mixed price action as of late, with bulls being unable to take control of its trend in the time following its rally up to $28,500 The rejection here was quite intense, and it has yet to show any signs of strength in the time following this occurrence The fact that bulls have guarded against any deeper drawback is positive because it invalidates the possibility that this recent high is a blow-off top One trader is now noting that there is an incredibly bullish indicator that is flashing for Bitcoin He points to the cryptocurrency’s monthly RSI, noting that a monthly close above a specific level that it is nearing is historically followed by parabolic moves higher In the past, these movements have had an average return of 1,010%, but their size and length seem to diminish with time Bitcoin and the entire crypto market have declined…

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