November 27, 2024

In March, Bitcoin surged past $73,000, a milestone that ignited a flurry of debates among market watchers. Many are asking: has Bitcoin reached its peak for this cycle? A crypto analyst, however, offers a fresh perspective, suggesting that Bitcoin may still have plenty of room to grow.

Analyst Claims Bitcoin Has Hit Second Early Cycle Top

On July 11, an analyst known as ‘CryptoCon’ took to X (formerly Twitter) to share his take on Bitcoin’s price movements. He used the Relative Strength Index (RSI) Bollinger Band % phases as a basis for his analysis. According to CryptoCon, these phases are incredibly accurate in identifying true cycle tops for Bitcoin.

The RSI Bollinger % Band is a technical tool that measures a trend’s strength and direction. CryptoCon pointed out that this indicator successfully identified the initial double tops in April 2013 and 2021, marking the true peaks of those bull cycles.

CryptoCon reviewed Bitcoin’s price history from 2010 to 2015, highlighting several phases within each bull cycle that lead to a true cycle top. These phases include the bear market breakout, the first cycle breakdown recovery, the second early top, the all-time high (ATH) break, and the cycle top phase.

According to CryptoCon, Bitcoin is now in the third phase of its current market cycle, which he calls the “second early top.” He noted that Bitcoin hit this phase by crossing the 0.99 value-line for the third time in March 2024, reaching a new all-time high above $73,700. CryptoCon believes this second early top suggests that Bitcoin’s recent price movements aren’t strong enough to push it to new highs just yet. He expects this significant move to occur in the fourth phase, which he calls the “all-time high break.”

Bitcoin’s Path Forward: Two Phases to Go

Looking ahead, CryptoCon says that despite Bitcoin’s rise to a second early top in March and its recent price dips, the cryptocurrency still has two key phases left in this market cycle. He pointed out that the market has already hit the low RSI Bollinger % Band levels typically seen at cycle bottoms, including the major crash in 2020.

With two phases remaining, Bitcoin could break past its $73,700 all-time high. In another analysis, CryptoCon predicts that Bitcoin might reach its cyclical peak by April 2025.

Bitcoin’s journey is far from over. As market conditions evolve and more investors enter the space, understanding these technical phases can provide valuable insights into potential future movements. Whether you’re holding for the long haul or trading short-term, keeping an eye on these indicators could help you navigate Bitcoin’s unpredictable terrain.

Leave a Reply

Your email address will not be published. Required fields are marked *