{"id":636475,"date":"2024-08-19T21:30:03","date_gmt":"2024-08-19T21:30:03","guid":{"rendered":"https:\/\/wncen.com\/?p=636475"},"modified":"2024-08-19T13:26:47","modified_gmt":"2024-08-19T13:26:47","slug":"bitcoin-bull-run-top-historically-proven-indicator","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin\/bitcoin-bull-run-top-historically-proven-indicator\/","title":{"rendered":"Analyst Forecasts Bitcoin Bull Run Top With Historically Proven Indicator"},"content":{"rendered":"

In a video update<\/a> on YouTube, crypto analyst Rekt Capital delved into the dynamics of Bitcoin’s price movements through the lens of the PI Cycle Top Indicator, a predictive tool that has garnered attention for its historical accuracy in pinpointing the peaks of Bitcoin bull runs.<\/p>\n

Here’s How High Bitcoin Price Could Go This Cycle<\/h2>\n

The PI Cycle Top Indicator operates by tracking two key moving averages: a short-term 111-day moving average (colored orange in Rekt Capital’s visual analysis) and the 350 day moving average (depicted in green) to gauge extended market trends. A crucial aspect of this tool is the “crossover” event where the short-term moving average rises above the long-term average, historically signaling a peak in Bitcoin\u2019s bull market within a few days.<\/p>\n

\"Pi
Pi Cycle Top Indicator | Source: Bitcoin Magazine Pro<\/figcaption><\/figure>\n

However, the current market data shows that these two moving averages are diverging rather than converging, suggesting that the conditions for a bull market peak are not yet in place. “As these two PI Cycle moving averages are currently diverging from one another, the bull market peak is nowhere close,” Rekt Capital explained in his video.<\/p>\n

Related Reading: Bitcoin Market Facing A Persistent Net Sell-Side Bias, Glassnode Reveals<\/a><\/div>\n

The 111-day moving average serves as a critical metric in Rekt Capital’s analysis. During bear market phases or pre-halving years, this moving average acts as a barometer for bargain buying opportunities, oscillating around it in downtrends. Conversely, in halving<\/a> years, such as 2020, it tends to act as a support level, underpinning uptrends that lead to new all-time highs.<\/p>\n

“Any dip below this moving average is a bargain buying territory,” Rekt Capital noted, emphasizing the strategic importance of this level during different market phases<\/a>. Currently, Bitcoin is trading below this moving average, approximately at $59,000, which has not happened for a significant period since the pre-halving year, marking a potentially undervalued state relative to historical patterns.<\/p>\n

The analysis suggests that if Bitcoin reclaims the $63,900 level\u2014just above the current position of the 111-day moving average\u2014it could end the current bargain buying opportunity, setting the stage for further upward movement. “We are approximately $5,000 away from reclaiming this region. Not much needs to happen for Bitcoin to bounce back and reclaim this region to end this bargain buying opportunity,” remarked Rekt Capital.<\/p>\n

Related Reading: When To Be Bearish On Bitcoin? On-Chain Analyst Answers<\/a><\/div>\n

Another element of the PI Cycle Top Indicator is the 350 day moving average. This average typically gets revisited in later stages of the market cycle, often acting as resistance before an upside deviation occurs.<\/p>\n

“Upside deviations beyond the green moving average that’s when we see parabolic price action take place,” Rekt Capital pointed out, referencing past events in 2013 and 2017 where such movements were observed. The current green moving average resides around $96,000, indicating a significant upside potential before any parabolic risks manifest.<\/p>\n

Rekt Capital’s analysis suggests that while Bitcoin is far from reaching the $96,000 mark, historical patterns<\/a> predict that it will eventually approach and possibly exceed this level, leading to a short-lived period of rapid price increase.<\/p>\n

“[We are] nowhere close to this green moving average because it resides at around $96k, so we’re still almost $30k away from this region […] once we break beyond $96k we have to understand that the clock is starting to then start ticking really for the end of the ball run and we might have have a a window of just a few months where Bitcoin will be rallying uninterruptedly with of course pullbacks,” the analyst explained.<\/p>\n

Looking ahead, Rekt Capital emphasized the importance of monitoring the convergence of these two moving averages for signs of a potential bull market peak. “We need to see a flick up in the Pi Cycle moving average for that crossover to be in place to some degree,” he stated, indicating that a sharp rise in price action is required for a definitive crossover to materialize.<\/p>\n

At press time, BTC traded at $58,695.<\/p>\n

\"Bitcoin
BTC price, 1-day chart | Source: BTCUSDT on TradingView.com<\/a><\/figcaption><\/figure>\n
Featured image created with DALL.E, chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"

In a video update on YouTube, crypto analyst Rekt Capital delved into the dynamics of Bitcoin’s price movements through the lens of the PI Cycle Top Indicator, a predictive tool that has garnered attention for its historical accuracy in pinpointing the peaks of Bitcoin bull runs. Here’s How High Bitcoin Price Could Go This Cycle The PI Cycle Top Indicator operates by tracking two key moving averages: a short-term 111-day moving average (colored orange in Rekt Capital’s visual analysis) and the 350 day moving average (depicted in green) to gauge extended market trends. A crucial aspect of this tool is the “crossover” event where the short-term moving average rises above the long-term average, historically signaling a peak in Bitcoin\u2019s bull market within a few days. However, the current market data shows that these two moving averages are diverging rather than converging, suggesting that the conditions for a bull market peak are not yet in place. “As these two PI Cycle moving averages are currently diverging from one another, the bull market peak is nowhere close,” Rekt Capital explained in his video. Related Reading: Bitcoin Market Facing A Persistent Net Sell-Side Bias, Glassnode Reveals The 111-day moving average serves as a critical metric in Rekt Capital’s analysis. During bear market phases or pre-halving years, this moving average acts as a barometer for bargain buying opportunities, oscillating around it in downtrends. Conversely, in halving years, such as 2020, it tends to act as a support level, underpinning uptrends that lead to new all-time highs. “Any dip below this moving average is a bargain buying territory,” Rekt Capital noted, emphasizing the strategic importance of this level during different market phases. Currently, Bitcoin is trading below this moving average, approximately at $59,000, which has not happened for a significant period since the pre-halving year, marking a potentially undervalued state relative to historical patterns. The analysis suggests that if Bitcoin reclaims the $63,900 level\u2014just above the current position of the 111-day moving average\u2014it could end the current bargain buying opportunity, setting the stage for further upward movement. “We are approximately $5,000 away from reclaiming this region. Not much needs to happen for Bitcoin to bounce back and reclaim this region to end this bargain buying opportunity,” remarked Rekt Capital. Related Reading: When To Be Bearish On Bitcoin? On-Chain Analyst Answers Another element of the PI Cycle Top Indicator is the 350 day moving average. This average typically gets revisited in later stages of the market cycle, often acting as resistance before an upside deviation occurs. “Upside deviations beyond the green moving average that’s when we see parabolic price action take place,” Rekt Capital pointed out, referencing past events in 2013 and 2017 where such movements were observed. The current green moving average resides around $96,000, indicating a significant upside potential before any parabolic risks manifest. Rekt Capital’s analysis suggests that while Bitcoin is far from reaching the $96,000 mark, historical patterns predict that it will eventually approach and possibly exceed this level, leading to a short-lived period of rapid price increase. “[We are] nowhere close to this green moving average because it resides at around $96k, so we’re still almost $30k away from this region […] once we break beyond $96k we have to understand that the clock is starting to then start ticking really for the end of the ball run and we might have have a a window of just a few months where Bitcoin will be rallying uninterruptedly with of course pullbacks,” the analyst explained. Looking ahead, Rekt Capital emphasized the importance of monitoring the convergence of these two moving averages for signs of a potential bull market peak. “We need to see a flick up in the Pi Cycle moving average for that crossover to be in place to some degree,” he stated, indicating that a sharp rise in price action is required for a definitive crossover to materialize. At press time, BTC traded at $58,695. Featured image created with DALL.E, chart from TradingView.com<\/p>\n","protected":false},"author":571,"featured_media":636481,"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":[428,656,679,1119,89185,1122,78790,69575],"class_list":["post-636475","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","tag-bitcoin","tag-bitcoin-news","tag-bitcoin-price","tag-btc","tag-btc-news","tag-btc-price","tag-btcusdt","tag-rekt-capital"],"acf":[],"yoast_head":"\nAnalyst Forecasts Bitcoin Bull Run Top With Time-Tested Indicator<\/title>\n<meta name=\"description\" content=\"Rekt Capital explains the PI Cycle Top Indicator, a predictive tool with historical accuracy in pinpointing the peaks of Bitcoin bull runs.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control. For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality. As a journalist, Jake\u2019s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies. In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it\u2019s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake\u2019s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time. 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Through his extensive work with wncen.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field. His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone. With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake\u2019s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage. Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control. For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality. As a journalist, Jake\u2019s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies. In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it\u2019s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake\u2019s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time. 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