A closely watched crypto analyst says a Bitcoin price correction in the coming weeks could benefit BTC’s bull market.
In a new video updatepseudonymous crypto strategist Rekt Capital looks at the Pi Cycle Top Indicator, which uses two moving averages and their crossovers to predict market cycle peaks for Bitcoin.
The trader tells his 100,000 YouTube subscribers that Bitcoin has moved so quickly in recent months that the Pi Cycle Top’s 111-Day Moving Average (DMA) is now in danger of moving above its 350 DMA X2, causing a bearish crossover and a cycle top is highlighted. .
Rekt Capital says that a correction for BTC in the coming weeks is not only likely, but would also help extend the bull market and possibly raise the target.
“Right now, because of the uptrend, we are accelerating slightly when it comes to a potential future bull market peak in a few months, and this perspective suggests that mid-July would be the earliest.
So if we’re talking about the end of May [or] early June, even that early perspective… [is] This shows how potentially overextended this current rally is right now and that a future course correction is in the offing.
History suggests it’s still a few weeks away, so this moving average of the price cycle will likely continue to rise, which will only continue to disrupt this future bearish crossover.”
Bitcoin is trading at $96,329 at the time of writing, up 2.41% over the past 24 hours.
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Generated image: Midjourney