Blockchain
Is $73K the High for Bitcoin? Analyst Identifies Where BTC Is in This Cycle
In March, Bitcoin hit an all-time high above $73,000, triggering debates among market observers and analysts about the fact that cryptocurrency has reached its maximum this cycle. However, a cryptocurrency analyst has provided an in-depth analysis of Bitcoin’s recent price movements and future prospects, suggesting that the pioneering cryptocurrency still has significant upside momentum ahead.
Analyst Says Bitcoin Hits Second Early Cycle High
On July 11, a cryptocurrency analyst identified as “CryptoCon,” took to X (formerly Twitter) to share insights in Bitcoin price movements based on the % phases of the Relative Strength Index (RSI) Bollinger Bands. The analyst revealed that Bitcoin’s RSI Bollinger Bands % phases were one of the few technical indicators that offer unmatched accuracy in identifying truecycle hits top for bitcoin price.
The Bollinger Band % RSI is a unique technical tool used to confirm the relative strength of a trend and determine the direction of a current trend. In his post, CryptoCon revealed that the phases of the % Bollinger Band RSI had successfully distinguished the initial double tops of April 2013 and 2021, pinpointing the true final high for both Bull Cycles.
Sharing a price chart of Bitcoin historical price movements From 2010 to 2015, CryptoCon highlighted several phases in every bull cycle which led to a true peak in the price cycle for Bitcoin. The analyst indicated five distinct phases for Bitcoin: the bear market breakout, the first recovery of the cycle collapse, the second initial peak, the time high break (ATH), and the peak phase of the cycle.
Based on these phases, CryptoCon believes that Bitcoin has completed the third phase of its current market cycle, which is the “second initial top.” The analyst revealed that the cryptocurrency reached 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 its second initial peak phase suggests that the cryptocurrency’s recent growth price movements will not be able to push it firmly above new all-time highs. He stressed that this significant move to rise above ATHs should happen in phase four, where Bitcoin will reach its “all-time high.”
BTC Nears Cycle Peak With Two Phases Left
Looking ahead, CryptoCon revealed that despite Bitcoin’s rise to a second early high in March and its recent downward price movements, the cryptocurrency still has two phases to go. best price in this market cycleThe analyst revealed that the market has already reached critically low levels of RSI Bollinger % Bands, typically observed at every bottom of the cycleand even the 2020 Bitcoin crash.
With only two phases left, Bitcoin could reach its highest levelpotentially surpassing its initial all-time high of $73,700. In another interesting sendCryptoCon predicts that Bitcoin could reach its projected cyclical high by April 2025.
Featured image created with Dall.E, chart from Tradingview.com