Bitcoin (BTC) could be on the verge of making a well-known type of advance that occurred before its record-breaking prices in 2017 and 2021.
On April 12th, Jelle, a well-known cryptocurrency trader, pointed out in a post on X that a significant intersection was imminent on Bitcoin’s Pi Cycle Top chart.
Bitcoin Pi Cycle Top breakout tantalizingly close
The Pi Cycle Top is a well-known indicator used in Bitcoin markets to identify bull market peaks. It employs two moving averages and has a track record of signaling major price turns for Bitcoin.
Currently, according to Jelle’s observation, the price is curling up just below the longer-term trendline indicated by the 2X multiple of the 350-day moving average, which is presently at $76,000 based on data from Glassnode, an on-chain analytics firm.
When Bitcoin surpasses the moving average set by the Pi Cycle, anything could happen according to his assessment.
“It’s currently consolidating right below it — just like it did in 2020.”
In simpler terms, the Pi Cycle Top identifies moving averages for Bitcoin more accurately by comparing it to the shorter-term moving average of 111 days. A bull market peak occurs when the short-term average surpasses the long-term one.
BTC price consolidation well within historical norms
According to Cointelegraph’s latest update, Bitcoin’s value against the US dollar has been hovering near its previous peak of $69,000, which was reached in November 2021, for several weeks now.
Some traders have been troubled by this market trend, but others, like Jelle, view it as normal and even beneficial given its proximity to a significant price threshold.
In the years 2017 and 2020, Bitcoin followed a similar pattern: it reached new record highs and then stayed there for 50 consecutive days in 2017, and for approximately 200 days in 2020.
Right now, we’ve been holding steady for 37 days near our previous record-breaking peak, according to trader Daan Crypto Trades in a recent discussion.
Continuing, Jelle maintained a near-term BTC price target of more than $80,000.
“The triangle pattern in the market is projected to reach a peak of around $82,000,” he clarified while displaying the related graph.
“I doubt bears can defend $71,500 for much longer. Bring on price discovery.”
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2024-04-12 13:44