Recently, Bitcoin surged to an all-time high above $73,000, causing speculations about whether the cryptocurrency has reached its peak in this cycle. Amidst these discussions, a crypto analyst known as ‘CryptoCon’ conducted a detailed evaluation of Bitcoin’s price trends and future prospects, suggesting that there is still significant upward momentum on the horizon.
On July 11, CryptoCon shared insights on Twitter regarding Bitcoin’s price movements based on the Relative Strength Index (RSI) Bollinger Band % phases. These phases were highlighted as a crucial technical indicator that accurately identifies cycle tops in Bitcoin’s price history. The RSI Bollinger % Band is a specialized tool used to confirm trend strength and predict the direction of ongoing trends.
By examining Bitcoin’s historical price data from 2010 to 2015, CryptoCon outlined five key phases in each bull cycle leading to a definitive price 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.
Based on the analysis, CryptoCon determined that Bitcoin has completed the third phase of its current market cycle, known as the “second early top.” This phase was reached in March 2024 when Bitcoin surpassed the red 0.99 value-line to achieve a new record high above $73,700. However, the analyst cautioned that this milestone does not guarantee sustained upward movement.
Looking ahead, CryptoCon believes that Bitcoin still has two phases remaining in the current market cycle before witnessing the most significant price action. Despite recent market fluctuations, the analyst noted that Bitcoin has already reached critical RSI Bollinger % Band levels, reminiscent of previous cycle bottoms and the 2020 crash.
Potential for All-Time High Break
With just two phases left to unfold, Bitcoin has the opportunity to break into uncharted territory, potentially eclipsing its previous all-time high of $73,700. This upcoming phase, referred to as the “all-time high break,” is expected to be a crucial juncture in determining the cryptocurrency’s future price trajectory.
While Bitcoin’s recent price movements have raised doubts about the sustainability of its bull run, the analysis provided by CryptoCon suggests that the cryptocurrency still has room for growth. By closely monitoring the RSI Bollinger % Band phases and historical price patterns, investors and traders can gain valuable insights into Bitcoin’s market cycles and potential future outcomes.
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