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Cryptographic analyst <a target="_blank" href="https://bitcoinist.com/bitcoin-cme-futures-100000/” rel=”nofollow”>Tony Severino has revealed that the bitcoin Percentage Price Oscillator (PPO) has turned red after reaching $102,000. He further explained what this development means for the flagship cryptocurrency in relation to the ongoing bull market.
bitcoin Weekly PPO Turns Red at $102,000
in a <a target="_blank" href="https://x.com/tonythebullBTC/status/1876309800612720879″ rel=”nofollow”>x publicationSeverino revealed that bitcoin's weekly PPO just turned red after hitting $102,000. The analyst had mentioned before that when the weekly PPO turns red, the end is near for <a target="_blank" href="https://bitcoinist.com/bitcoin-bull-run-market-top/” rel=”nofollow”>The bitcoin Bull Run. He then warned that this indicator could be pointing to the top soon.
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As for how this top of the market could happen now, the crypto analyst explained that the price of bitcoin will continue to rise once the red marks begin, and the market will have peaked before the red mark runs out.
Severino also highlighted the <a target="_blank" href="https://bitcoinist.com/bitcoin-breaks-above-90000-td-sequential-says-100000-price-before-weekend/” rel=”nofollow”>sequential TD as another indicator suggesting that bitcoin's peak could occur as soon as the first or second quarter of this year. He noted that BTCUSD's quarterly candles have a count of 8. The analyst further revealed that a refined TD9 count ended the 2017 bull run.
Therefore, if history repeats itself, the price of bitcoin could peak in July. However, the analyst still believes that the high could occur as early as the first quarter, noting that it is not uncommon for this high to occur on the eighth candle of the sequence. He also raised the possibility of the bitcoin bull market extending beyond the second quarter, stating that TD8/9 setups could fail.
However, Severino added that it seems unlikely that bitcoin will continue an uptrend for several quarters without a more significant correction. The cryptanalyst also previously predicted that the bitcoin price could surpass below $150,000 already on January 20. He explained that the inauguration of Donald Trump could be the new paradigm that leads to this cyclical peak. He made this prediction based on the fact that the market might have already priced in Trump's pro-cryptocurrency moves.
bitcoin price correction nears end
Meanwhile, crypto analysts have suggested that bitcoin's bearish trend may be coming to an end, especially with the flagship cryptocurrency back above $100,000. In a post x, crypto analyst <a target="_blank" href="https://bitcoinist.com/ethereum-looks-to-reclaim-all-time-high/” rel=”nofollow”>Cryptocurrency titan mentioned that a bitcoin price increase is imminent. This came as he commented that the 7-week consolidation for btc could be coming to an end.
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Cryptographic analyst Mikybull crypto He also suggested that bitcoin has turned bullish once again. He commented that the bears were no longer in control after bitcoin rose above $100,000, invalidating the bearish setup. With the flagship cryptocurrency back above this price level, the crypto analyst predicted that it could be poised for a sustainable rally to the top of the cycle.
At the time of writing, bitcoin price is trading at around $101,677, up more than 2% in the last 24 hours, according to <a target="_blank" href="https://coinmarketcap.com/currencies/bitcoin/” rel=”nofollow”>data from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com
