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Crypto analyst 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 crypto in relation to the ongoing bull market.
Bitcoin’s weekly PPO turns red at $102,000
In one X messageSeverino revealed that Bitcoin’s weekly PPO just turned red after hitting $102,000. The analyst had previously indicated that when the weekly PPO turns red, the end is near Bitcoin’s bull run. He warned at the time that this indicator could soon point to the top.
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About how this market at the top could happen now, the crypto analyst explained that the Bitcoin price will continue to run once the red ticks start, and the market will have reached its top before the red tick runs out.
Severino also highlighted the TD consecutive as another indicator suggesting that the Bitcoin peak could happen as early as the first or second quarter of this year. He noted that BTCUSD’s quarterly candlesticks are at 8. The analyst further revealed that a perfected TD9 count ended the 2017 bull run.
Therefore, if history repeats itself, the Bitcoin price could peak in July. However, the analyst still believes that the top could occur as early as the first quarter, noting that it is not unusual for this peak to occur on the 8th candlestick in the series. He also raised the possibility of the Bitcoin bull market extending beyond the second quarter, stating that the TD8/9 setups could fail.
However, Severino added that it seems unlikely that Bitcoin will continue to climb higher for several quarters without a more significant correction. The crypto analyst also previously predicted that the The Bitcoin price could rise already under $150,000 as of January 20. He explained that the inauguration of Donald Trump could be the new paradigm that could lead to this cyclical peak. He made this prediction based on the fact that the market had already been able to discount Trump’s pro-crypto moves.
Bitcoin price correction is nearing its end
In the meantime, crypto analysts have suggested that Bitcoin’s downward trend is nearing an end, especially now that the flagship crypto is back above $100,000. In an X-post, crypto analyst Titan of Crypto said a Bitcoin stockpile is imminent. This came as he noted that the seven-week consolidation for BTC may be nearing its end.
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Crypto analyst Mikybull Crypto also suggested that Bitcoin has turned bullish again. He noted that the bears were no longer in control after Bitcoin’s rise above $100,000, which negated the bearish intent. With the flagship crypto back above this price level, the crypto analyst predicted it could be poised for a sustained rally to a cycle top.
At the time of writing, the Bitcoin price is trading around $101,677, up over 2% in the past 24 hours. facts from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com