{"id":629530,"date":"2024-07-12T16:00:15","date_gmt":"2024-07-12T16:00:15","guid":{"rendered":"https:\/\/wncen.com\/?p=629530"},"modified":"2024-07-12T14:24:23","modified_gmt":"2024-07-12T14:24:23","slug":"bitcoin-analyst-btc-cycle","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin\/bitcoin-analyst-btc-cycle\/","title":{"rendered":"Is $73,000 The Top For Bitcoin? Analyst Identifies Where BTC Is In This Cycle"},"content":{"rendered":"

In March, Bitcoin hit an all-time high above $73,000, sparking <\/span>debates<\/span><\/a> amongst market watchers and analysts about whether <\/span>the cryptocurrency\u00a0 has hit its top<\/span><\/a> this cycle. However, a crypto analyst has provided an in-depth analysis of Bitcoin\u2019s recent price movements and future outlook, suggesting that the pioneer cryptocurrency still has substantial upside momentum ahead.\u00a0<\/span><\/p>\n

Analyst Says Bitcoin Has Reached Second Early Cycle Top<\/h2>\n

On July 11, a crypto analyst identified as \u2018CryptoCon,\u2019 took to X (formerly Twitter) to <\/span>share insights<\/span><\/a> into Bitcoin\u2019s price movements based on the Relative Strength Index (RSI) Bollinger Band % phases. The analyst disclosed that Bitcoin\u2019s RSI Bollinger % Band phases were one of the few technical indicators which offer unparalleled accuracy in identifying <\/span>truecycle tops for Bitcoin\u2019s price<\/span><\/a>.<\/span><\/p>\n

Related Reading: Analyst says Ethereum Will Reach $8,000 ATH, But This Needs To Happen First<\/a><\/div>\n

The RSI Bollinger % Band<\/span><\/a> is a unique technical tool used to confirm a trend\u2019s relative strength and determine the direction of a current trend. In his post, CryptoCon disclosed that the RSI Bollinger % Band phases had successfully distinguished the initial April double tops of 2013 and 2021, pinpointing the final true top for both <\/span>bull cycles<\/span><\/a>.\u00a0<\/span><\/p>\n

Sharing a price chart of <\/span>Bitcoin\u2019s historical price movements<\/span><\/a> from 2010 to 2015, CryptoCon highlighted several <\/span>phases in each bull cycle<\/span><\/a> that led to a true price cycle top for Bitcoin. The analyst indicated five distinct phases for Bitcoin – the bear market breakout, the first cycle breakdown recovery, the second early top, the time High (ATH) break and the cycle top phase.\u00a0<\/span><\/p>\n

\"Bitcoin
Source: X<\/figcaption><\/figure>\n

Based on these phases, CryptoCon believes that Bitcoin has completed the third phase of its current market cycle which is the \u201csecond early top.\u201d The analyst revealed that the cryptocurrency achieved 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.\u00a0<\/span><\/p>\n

CryptoCon noted that Bitcoin\u2019s rise to the second early top phase suggests that the cryptocurrency\u2019s recent <\/span>price movements<\/span><\/a> will not be able to firmly push it above new all-time highs. He highlighted that this significant move to rise above ATHs is expected to occur in phase four, where Bitcoin will hit its \u201call-time high break.\u201d<\/span><\/p>\n

BTC Nears Cycle Top With Two Phases Left<\/h2>\n

Looking ahead, CryptoCon has disclosed that despite Bitcoin\u2019s rise to a second early top in March and its recent downward price movements, the cryptocurrency still has two phases left to witness the <\/span>best price action in this market cycle<\/span><\/a>. The analyst disclosed that the market has already hit critically low levels of RSI Bollinger % Bands, typically seen at each <\/span>cycle bottom<\/span><\/a>, and even the 2020 Bitcoin crash.\u00a0<\/span><\/p>\n

Related Reading: Forbes Says Shiba Inu Price Will Rise 1,700% To Reach $0.0003 ATH, Here\u2019s When<\/a><\/div>\n

With just two phases left, Bitcoin could <\/span>break into its highest level<\/span><\/a>, potentially surpassing its initial $73,700 all-time high. In another insightful <\/span>post<\/span><\/a>, CryptoCon forecasts that Bitcoin could reach its anticipated cyclic top by April 2025.\u00a0<\/span><\/p>\n

\"Bitcoin
BTC price retests $58,000 | Source: BTCUSD on Tradingview.com<\/a><\/figcaption><\/figure>\n
Featured image created with Dall.E, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"

In March, Bitcoin hit an all-time high above $73,000, sparking debates amongst market watchers and analysts about whether the cryptocurrency\u00a0 has hit its top this cycle. However, a crypto analyst has provided an in-depth analysis of Bitcoin\u2019s recent price movements and future outlook, suggesting that the pioneer cryptocurrency still has substantial upside momentum ahead.\u00a0 Analyst Says Bitcoin Has Reached Second Early Cycle Top On July 11, a crypto analyst identified as \u2018CryptoCon,\u2019 took to X (formerly Twitter) to share insights into Bitcoin\u2019s price movements based on the Relative Strength Index (RSI) Bollinger Band % phases. The analyst disclosed that Bitcoin\u2019s RSI Bollinger % Band phases were one of the few technical indicators which offer unparalleled accuracy in identifying truecycle tops for Bitcoin\u2019s price. Related Reading: Analyst says Ethereum Will Reach $8,000 ATH, But This Needs To Happen First The RSI Bollinger % Band is a unique technical tool used to confirm a trend\u2019s relative strength and determine the direction of a current trend. In his post, CryptoCon disclosed that the RSI Bollinger % Band phases had successfully distinguished the initial April double tops of 2013 and 2021, pinpointing the final true top for both bull cycles.\u00a0 Sharing a price chart of Bitcoin\u2019s historical price movements from 2010 to 2015, CryptoCon highlighted several phases in each bull cycle that led to a true price cycle top for Bitcoin. The analyst indicated five distinct phases for Bitcoin – the bear market breakout, the first cycle breakdown recovery, the second early top, the time High (ATH) break and the cycle top phase.\u00a0 Based on these phases, CryptoCon believes that Bitcoin has completed the third phase of its current market cycle which is the \u201csecond early top.\u201d The analyst revealed that the cryptocurrency achieved 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.\u00a0 CryptoCon noted that Bitcoin\u2019s rise to the second early top phase suggests that the cryptocurrency\u2019s recent price movements will not be able to firmly push it above new all-time highs. He highlighted that this significant move to rise above ATHs is expected to occur in phase four, where Bitcoin will hit its \u201call-time high break.\u201d BTC Nears Cycle Top With Two Phases Left Looking ahead, CryptoCon has disclosed that despite Bitcoin\u2019s rise to a second early top in March and its recent downward price movements, the cryptocurrency still has two phases left to witness the best price action in this market cycle. The analyst disclosed that the market has already hit critically low levels of RSI Bollinger % Bands, typically seen at each cycle bottom, and even the 2020 Bitcoin crash.\u00a0 Related Reading: Forbes Says Shiba Inu Price Will Rise 1,700% To Reach $0.0003 ATH, Here\u2019s When With just two phases left, Bitcoin could break into its highest level, potentially surpassing its initial $73,700 all-time high. In another insightful post, CryptoCon forecasts that Bitcoin could reach its anticipated cyclic top by April 2025.\u00a0 Featured image created with Dall.E, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":629537,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651],"tags":[167,428,656,679,1119,89185,1122,1144,78790,6664,26263,14690],"class_list":["post-629530","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","tag-analyst","tag-bitcoin","tag-bitcoin-news","tag-bitcoin-price","tag-btc","tag-btc-news","tag-btc-price","tag-btcusd","tag-btcusdt","tag-crypto","tag-crypto-analyst","tag-crypto-news"],"acf":[],"yoast_head":"\nIs $73,000 The Top For Bitcoin? 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During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/MathersonScott"],"url":"https:\/\/wncen.com\/author\/mathersonscott1\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Is $73,000 The Top For Bitcoin? 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