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With the Bitcoin price back above $100,000, there have been discussions about what could mark the cycle top for the flagship crypto. Crypto analyst Tony Severino has provided some insights into this, revealing the price target around which the top of the market might be considered.
Potential Cycle Top for Bitcoin Price
In one X messageTony Severino suggested that the cycle top for the Bitcoin price could be around $170,000. This came as he noted that a 90% increase could take the flagship crypto to this price level. He added that it is at this level that the cycle tops can then be considered, indicating that the BTC summit are likely to be around this range in this cycle.
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The crypto analyst also discussed the current Bitcoin price action. He noted that a re-squeeze in the middle of the trend could lead to a continuation of the uptrend. Severino added Bitcoin above $105,000 is going to be interesting, suggesting this is where the flagship crypto could witness a parabolic rally to a new all-time high (ATH).
Severino alluded to the last time Bitcoin price got a headfake to the lower band before moving to the higher band. He further noted that from the wick low in the lower band to the local high was a 90% move. This is why the analyst is confident that Bitcoin can experience a 90% increase to the target of $170,000 before the IPO. cycle top is inside.
Previously, the crypto analyst also assured that the Bitcoin price is still bullish due to the monthly stochastic oscillatorwhich is still above 80. The tool is used to measure momentum, and if the indicator is above 80, it typically indicates strong upward momentum. Historically, monthly stochastics above 80 have also led to a continuation of the BTC rally.
With $100,000 because support is crucial
In an X message, crypto analyst Jelle suggested that Bitcoin price with $100,000 as support is the next most crucial step for a continuation of the uptrend. He noted that Bitcoin is approaching the $100,000 resistance level, which is also in line with the local downtrend line.
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The crypto analyst noted that he expects a price breakout for Bitcoin soon. He also predicts there will be much higher prices once that happens. In another X-post Jelle alluded to this Bitcoin’s funding ratewhich is currently in green. In line with this, he claimed that the flagship crypto would remain “red hot” for weeks before this bull cycle is over.
At the time of writing, the Bitcoin price is trading around $99,700, up over 2% in the past 24 hours. facts from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com