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With the price of Bitcoin back above $100,000, there have been discussions about what could mark the top of the major cryptocurrency cycle. Cryptographic analyzer Tony Severino I provided some insight into this, revealing the target price which could be considered the highest price in the market.
Possible top of the Bitcoin price cycle
in Share XTony Severino suggested that the highest cycle for Bitcoin price could reach around $170,000. This came when he indicated that a 90% increase could take the flagship cryptocurrency to that price level. He added that at this level, the peaks of the cycle can then be considered, noting that BTC Summit This cycle it will likely be around this range.
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The cryptocurrency analyst also discussed Bitcoin’s current price action. He noted that re-pressure in the middle of the trend could lead to a continuation of the uptrend. Severino added Bitcoin above $105,000 It’s getting interesting, suggesting that this is where the major cryptocurrency could see a parabolic rally to a new all-time high (ATH).
Severino pointed out the last time Bitcoin price got a false head in the lower band before moving to the upper band. He further noted that from the bottom of the wick at the lower range to the local high there was a 90% move. As such, this is why the analyst is confident that Bitcoin could see another 90% rally to the $170,000 target before the close. Top of the course He is in.
Before now, the cryptocurrency analyst also confirmed that the price of Bitcoin is still bullish due to… Monthly Stochastic Indicatorwhich remains above 80. The tool is used to measure momentum, and having the indicator above 80 usually indicates strong upward momentum. Historically, a monthly stochastic above 80 has also seen Bitcoin continue to rise.
Keep $100,000 because support is crucial
In X post, Jelly crypto analyzer He suggested that Bitcoin price holding $100,000 as support is the most important next step for the uptrend to continue. He noted that Bitcoin is heading towards the $100,000 resistance level, which is in line with the local downtrend line as well.
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The cryptocurrency analyst noted that he expects a Bitcoin price breakout soon. He also expects there will be much higher prices once this happens. In another X post, Gilly alluded to Bitcoin funding rateWhich is currently in green. In line with this, he asserted that major cryptocurrencies will perform “very strongly” for weeks on end before this bull cycle ends.
At the time of writing, Bitcoin is trading at around $99,700, up more than 2% over the past 24 hours, according to Data From Coin Market Cap.
Featured image created with Dall.E, chart from Tradingview.com
The post Bitcoin Price Above $100,000 Renews Hope, Analyst Reveals The Cycle Top first appeared on Investorempires.com.