In March, bitcoin hit an all-time high above $73,000, prompting bitcoin-bull-run-past-its-prime-or-poised-for-a-correction-analyst-raises-eyebrows/amp/” rel=”nofollow”>debates among market watchers and analysts on whether bitcoin-top-historical-pattern-provide-hints/” rel=”nofollow”>Cryptocurrency has reached its highest point This cycle. However, one cryptocurrency analyst has provided an in-depth analysis of bitcoin’s recent price movements and future prospects, suggesting that the pioneering cryptocurrency still has substantial bullish momentum ahead of it.
Analyst claims bitcoin has hit second high of its initial cycle
On July 11, a cryptocurrency analyst identified as 'CryptoCon' took to x (formerly twitter) to x.com/cryptocon_/status/1811479141503439205?s=46″ rel=”nofollow”>share ideas on bitcoin price movements based on the Bollinger Band phases of the Relative Strength Index (RSI). The analyst revealed that the bitcoin RSI Bollinger Band phases were one of the few technical indicators that offer unparalleled accuracy in identifying Truecycle hits all-time high in bitcoin price.
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RSI Bollinger Band Percentage is a unique technical tool used to confirm the relative strength of a trend and determine the direction of a current trend. In its post, CryptoCon revealed that the Bollinger Band percentage phases of the RSI had successfully distinguished the initial double highs of April 2013 and 2021, accurately pinpointing the final true high for both. bullish cycles.
Sharing a price chart of Historical bitcoin Price Movements From 2010 to 2015, CryptoCon highlighted several phases in each bullish cycle This led to a true price cycle peak for bitcoin. The analyst indicated five distinct phases for bitcoin: the bear market breakout, the recovery from the first cycle breakout, the second early peak, the all-time high (ATH) breakout, and the cycle peak phase.
Based on these phases, CryptoCon believes that bitcoin has completed the third phase of its current market cycle, which is the “second early top.” The analyst revealed that the cryptocurrency achieved this phase by crossing the red value line of 0.99 for the third time in March 2024, when bitcoin rose to a new all-time high above $73,700.
CryptoCon noted that bitcoin's rise to the early second phase top suggests that the recent… price movements It will not be able to push it firmly above new all-time highs. He highlighted that this significant move to surpass the ATHs is expected to happen in phase four, where bitcoin will reach its “all-time high breakout.”
btc is approaching the top of the cycle with two phases remaining
Looking ahead, CryptoCon has revealed that despite bitcoin's rise to a second early high in March and its recent downward price movements, the cryptocurrency still has two phases ahead of it to witness the Best price action in this market cycleThe analyst revealed that the market has already reached critically low levels of the RSI Bollinger bands, which are normally seen on every Cycle backgroundand even the fall of bitcoin in 2020.
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With only two phases remaining, bitcoin could Breaking into its highest levelpotentially surpassing its initial all-time high of $73,700. In another revelation x.com/cryptocon_/status/1810717501094805717?s=46″ rel=”nofollow”>mailCryptoCon predicts that bitcoin could reach its anticipated cyclical high by April 2025.
Featured image created with Dall.E, chart from Tradingview.com
