Is $73,000 The Top For Bitcoin? Analyst Identifies Where BTC Is In This Cycle
12 Julio 2024 - 11:00AM
NEWSBTC
In March, Bitcoin hit an all-time high above $73,000, sparking
debates amongst market watchers and analysts about whether the
cryptocurrency has hit its top this cycle. However, a crypto
analyst has provided an in-depth analysis of Bitcoin’s recent price
movements and future outlook, suggesting that the pioneer
cryptocurrency still has substantial upside momentum ahead.
Analyst Says Bitcoin Has Reached Second Early Cycle Top On July 11,
a crypto analyst identified as ‘CryptoCon,’ took to X (formerly
Twitter) to share insights into Bitcoin’s price movements based on
the Relative Strength Index (RSI) Bollinger Band % phases. The
analyst disclosed that Bitcoin’s RSI Bollinger % Band phases were
one of the few technical indicators which offer unparalleled
accuracy in identifying truecycle tops for Bitcoin’s price. Related
Reading: Analyst says Ethereum Will Reach $8,000 ATH, But This
Needs To Happen First The RSI Bollinger % Band is a unique
technical tool used to confirm a trend’s relative strength and
determine the direction of a current trend. In his post, CryptoCon
disclosed that the RSI Bollinger % Band phases had successfully
distinguished the initial April double tops of 2013 and 2021,
pinpointing the final true top for both bull cycles. Sharing
a price chart of Bitcoin’s historical price movements from 2010 to
2015, CryptoCon highlighted several phases in each bull cycle that
led to a true price cycle top for Bitcoin. The analyst indicated
five distinct phases for Bitcoin – the bear market breakout, the
first cycle breakdown recovery, the second early top, the time High
(ATH) break and the cycle top phase. Based on these phases,
CryptoCon believes that Bitcoin has completed the third phase of
its current market cycle which is the “second early top.” The
analyst revealed that the cryptocurrency achieved this phase by
crossing the red 0.99 value-line for the third time in March 2024
when Bitcoin rose to a new all-time high above $73,700.
CryptoCon noted that Bitcoin’s rise to the second early top phase
suggests that the cryptocurrency’s recent price movements will not
be able to firmly push it above new all-time highs. He highlighted
that this significant move to rise above ATHs is expected to occur
in phase four, where Bitcoin will hit its “all-time high break.”
BTC Nears Cycle Top With Two Phases Left Looking ahead, CryptoCon
has disclosed that despite Bitcoin’s rise to a second early top in
March and its recent downward price movements, the cryptocurrency
still has two phases left to witness the best price action in this
market cycle. The analyst disclosed that the market has already hit
critically low levels of RSI Bollinger % Bands, typically seen at
each cycle bottom, and even the 2020 Bitcoin crash. Related
Reading: Forbes Says Shiba Inu Price Will Rise 1,700% To Reach
$0.0003 ATH, Here’s When With just two phases left, Bitcoin could
break into its highest level, potentially surpassing its initial
$73,700 all-time high. In another insightful post, CryptoCon
forecasts that Bitcoin could reach its anticipated cyclic top by
April 2025. Featured image created with Dall.E, chart from
Tradingview.com
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