In March, Bitcoin hit an all-time high above $73,000, sparking a discussions Among market watchers and analysts is whether Cryptocurrency has reached its peak However, one cryptocurrency analyst has provided an in-depth analysis of Bitcoin’s recent price movements and future outlook, suggesting that the leading cryptocurrency still has significant upward momentum ahead.
Bitcoin hits new high in early second session, analysts say
On July 11, a crypto analyst known as “CryptoCon” posted a tweet on X (formerly Twitter) sharing ideas In Bitcoin price movements based on Bollinger Band % RSI phases. The analyst revealed that Bitcoin’s Bollinger Band % RSI phases were one of the few technical indicators that provided unparalleled accuracy in identifying Truecycle Leads Bitcoin Price.
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Bollinger Bands RSI Range % A unique technical tool used to confirm the relative strength of a trend and determine the direction of the current trend. In his post, CryptoCon revealed that the Bollinger % range phases successfully distinguished between the initial double tops of April 2013 and 2021, and identified the true final top of both peaks. bull cycles.
Share pricing chart Historical Bitcoin Price Movements From 2010 to 2015, the CryptoCon conference highlighted many Stages of each bull cycle This led to a true top of the Bitcoin price cycle. The analyst pointed out five distinct phases of Bitcoin – the bear market breakout, the recovery from the first cycle crash, the second early top, the break of the all-time high (ATH) and the cycle top phase.
Based on these stages, CryptoCon believes that Bitcoin has completed the third stage of the current market cycle, which is the “second early top.” The analyst revealed that the cryptocurrency achieved this stage by crossing the red 0.99 value line for the third time in March 2024 when Bitcoin rose to an all-time high above $73,700.
CryptoCon noted that Bitcoin’s rise to the early second stage indicates that the latest cryptocurrency Price movement Bitcoin will not be able to push strongly above its new all-time highs. He stressed that this important move above its all-time highs is expected to happen in the fourth phase, when Bitcoin will reach its “all-time high.”
Bitcoin Nears Cycle Top with 2 Stages Left
Looking ahead, CryptoCon revealed that despite Bitcoin’s second early high in March and its recent bearish price action, the cryptocurrency still has two phases to go. Best price action in this market cycleThe analyst revealed that the market has already reached very low levels of the Bollinger bands, which we usually see at every Bottom of the cycleand even the Bitcoin crash in 2020.
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With only two stages left, Bitcoin could become Breaking into the highest levelssurpassing its record high of $73,700 initially. In another insightful article, mailCryptoCon predicts that Bitcoin will reach its expected cyclical top by April 2025.
Featured image created using Dall.E, chart from Tradingview.com
