Is $73,000 The Top For Bitcoin? Analyst Identifies Where BTC Is In This Cycle

In March, Bitcoin hit an all-time excessive above $73,000, sparking debates amongst market watchers and analysts about whether or not the cryptocurrency  has hit its high this cycle. Nonetheless, a crypto analyst has offered an in-depth evaluation of Bitcoin’s latest worth actions and future outlook, suggesting that the pioneer cryptocurrency nonetheless has substantial upside momentum forward. 

Analyst Says Bitcoin Has Reached Second Early Cycle High

On July 11, a crypto analyst recognized as ‘CryptoCon,’ took to X (previously Twitter) to share insights into Bitcoin’s worth actions based mostly on the Relative Energy Index (RSI) Bollinger Band % phases. The analyst disclosed that Bitcoin’s RSI Bollinger % Band phases had been one of many few technical indicators which supply unparalleled accuracy in figuring out truecycle tops for Bitcoin’s worth.

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The RSI Bollinger % Band is a singular technical instrument used to substantiate a pattern’s relative power and decide the path of a present pattern. In his put up, CryptoCon disclosed that the RSI Bollinger % Band phases had efficiently distinguished the preliminary April double tops of 2013 and 2021, pinpointing the ultimate true high for each bull cycles. 

Sharing a worth chart of Bitcoin’s historic worth actions from 2010 to 2015, CryptoCon highlighted a number of phases in every bull cycle that led to a real worth cycle high for Bitcoin. The analyst indicated 5 distinct phases for Bitcoin – the bear market breakout, the primary cycle breakdown restoration, the second early high, the time Excessive (ATH) break and the cycle high section. 

Based mostly on these phases, CryptoCon believes that Bitcoin has accomplished the third section of its present market cycle which is the “second early high.” The analyst revealed that the cryptocurrency achieved this section by crossing the crimson 0.99 value-line for the third time in March 2024 when Bitcoin rose to a brand new all-time excessive above $73,700. 

CryptoCon famous that Bitcoin’s rise to the second early high section means that the cryptocurrency’s latest worth actions won’t be able to firmly push it above new all-time highs. He highlighted that this important transfer to rise above ATHs is predicted to happen in section 4, the place Bitcoin will hit its “all-time excessive break.”

BTC Nears Cycle High With Two Phases Left

Trying forward, CryptoCon has disclosed that regardless of Bitcoin’s rise to a second early high in March and its latest downward worth actions, the cryptocurrency nonetheless has two phases left to witness the finest worth motion on this market cycle. The analyst disclosed that the market has already hit critically low ranges of RSI Bollinger % Bands, sometimes seen at every cycle backside, and even the 2020 Bitcoin crash. 

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With simply two phases left, Bitcoin may break into its highest degree, doubtlessly surpassing its preliminary $73,700 all-time excessive. In one other insightful put up, CryptoCon forecasts that Bitcoin may attain its anticipated cyclic high by April 2025. 

Featured picture created with Dall.E, chart from Tradingview.com