Cryptocurrency market watchers and analysts have been debating whether Bitcoin has reached its peak in the current cycle, especially after its all-time high above $73,000 in March. However, one crypto analyst known as ‘CryptoCon’ has provided a detailed analysis of Bitcoin’s recent price movements using the Relative Strength Index (RSI) Bollinger Band % phases.
In a recent post on X (formerly Twitter), CryptoCon highlighted the significance of the RSI Bollinger % Band phases in identifying true cycle tops for Bitcoin’s price. This technical tool confirms a trend’s relative strength and helps determine the direction of the current trend. By analyzing Bitcoin’s historical price movements from 2010 to 2015, CryptoCon identified five distinct phases in each bull cycle – 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 has completed the third phase of its current market cycle, reaching the “second early top” phase in March 2024 when it reached a new all-time high above $73,700. While this milestone suggests a potential resistance to further price increases, the analyst believes that the cryptocurrency still has two phases left to witness the best price action in this market cycle.
The market has already experienced critically low levels of RSI Bollinger % Bands, often seen at each cycle bottom and during the 2020 Bitcoin crash. With just two phases remaining, Bitcoin could potentially surpass its initial all-time high and achieve even greater price levels.
Looking ahead, CryptoCon predicts that Bitcoin will experience significant price movements in the coming phases. Despite recent downward price movements, the analyst remains optimistic about the cryptocurrency’s potential for further growth. The next phase, the “all-time high break,” is expected to propel Bitcoin towards new price levels beyond its previous peak.
While there is ongoing debate about whether Bitcoin has reached its peak in the current cycle, CryptoCon’s analysis suggests that the cryptocurrency still has room for substantial upside momentum. By carefully analyzing Bitcoin’s historical price movements and technical indicators, the analyst remains bullish on Bitcoin’s future outlook. Investors and market participants will be closely monitoring Bitcoin’s price actions in the upcoming phases to see if the cryptocurrency can break into new all-time highs.
Leave a Reply