In March, Bitcoin hit an all-time high of over $73,000, which was a spark debates among market watchers and analysts about whether the cryptocurrency has reached its peak this cycle. However, a crypto analyst has provided an in-depth analysis of Bitcoin’s recent price movements and future prospects, suggesting that the pioneering cryptocurrency still has substantial upside momentum ahead.
Analyst Says Bitcoin Has Hit Second Top of Early Cycle
On July 11, a crypto analyst identified as “CryptoCon” took to X (formerly Twitter). share insights in Bitcoin’s price movements based on the Relative Strength Index (RSI) Bollinger Band% phases. The analyst revealed that Bitcoin’s RSI Bollinger % Band phases were one of the few technical indicators that offer unparalleled accuracy in identifying truecycle tops for Bitcoin price.
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The RSI Bollinger% band 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 RSI Bollinger % Band phases had successfully distinguished the initial April double tops of 2013 and 2021, establishing the final true top for both. bull cycles.
Sharing a price chart of Historical price movements of Bitcoin from 2010 to 2015, CryptoCon highlighted several phases in each bull cycle that led to a real price cycle top for Bitcoin. The analyst indicated five distinct phases for Bitcoin: the bear market breakout, the first cycle break recovery, the second early top, the time high (ATH) breakout, and the cycle top 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 reached this stage 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 second early top phase indicates that the cryptocurrency is recent price movements it will not be able to forcefully push it above new record highs. He emphasized that this important step to rise above the ATHs is expected to happen in phase four, where Bitcoin will reach its ‘all-time high break’.
BTC is approaching cycle top with two phases left
Looking ahead, CryptoCon has revealed that despite Bitcoin’s rise to a second early top in March and the recent downward price moves, the cryptocurrency still has two phases left to witness the best price action in this market cycle. The analyst announced that the market has already reached a critically low level of the RSI Bollinger % Bands, which typically occurs at any band cycle bottomand even the Bitcoin crash of 2020.
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With only two phases to go, Bitcoin could break through to the highest level, which could surpass its initial all-time high of $73,700. Insightful in another afterCryptoCon predicts that Bitcoin could reach its expected cyclical top in April 2025.
Featured image created with Dall.E, chart from Tradingview.com
