Bitcoin (BTC) is at the start of its next "main balderdash run" and the price superlative won't striking until the end of 2021, well-known annotator Willy Woo believes.

In one of many contempo Twitter discussions on Nov. xi, the creator of statistics resources Woobull produced fresh show that Bitcoin's price gains are just just first.

Woo: Bitcoin RSI "simply warming up"

Uploading a chart showing Bitcoin'south relative strength index (RSI), Woo noted similarities between the metric's current beliefs and that of early 2017.

"Green circle denotes where we are in this macro cycle. Starting time of the main bull run (in case it isn't already obvious)," he commented.

"BTC's on-concatenation Relative Force Index is just warming upwards. Red verticals are the halvenings, providing the bullish supply shock impulse."

RSI looks at toll behavior over a specified period. Its calculation involves the ratio of boilerplate closes higher and lower over that menses.

Bitcoin 365-twenty-four hour period RSI vs. cost chart with highlights. Source: Willy Woo/ Twitter

Woo was using his own 365-day RSI chart, and its readings follow on from its position during a previous update in July. At the time, Bitcoin was catastrophe a menstruum of so-called RSI pinch, which accompanied a series of higher lows and lower highs for the BTC toll.

In July, Woo predicted that the bull run would begin in Q4 of 2020 and encounter 2021 — something that has and then far go a reality. Now, he suggests that the new bullish phase will merely top out in effectually a year'southward fourth dimension.

"My choice is December 2021, gotta sell to pay taxes like last time," he responded when asked about a likely top.

2021 to be the year of BTC price records

As Cointelegraph reported, Woo is far from lone in challenge that Bitcoin'southward operation in recent weeks is an anomaly, which will after right downward.

Existent Vision CEO Raoul Pal and Gemini exchange co-founder Tyler Winklevoss have both stated that a new all-time high for BTC/USD will come no later than Q1 side by side twelvemonth.

The technical issues that accompanied the rise to $16,000 take meanwhile dissipated thanks to Bitcoin's automatic mining difficulty readjustment, with fees nosediving and unconfirmed transactions dropping to near zero this week.

A further downward readjustment, estimated at 6%, is due in around four days' time.