Bitcoin (BTC) is on the verge of a breakout that could lead to new all-time highs, similar to what happened in 2017 and 2021. A popular trader named Jelle noticed a significant crossover about to occur on Bitcoin’s Pi Cycle Top indicator. The Pi Cycle Top is a tool that has historically signaled the top of Bitcoin bull markets. It consists of two moving averages and has accurately predicted BTC price movements in the past. Currently, the price of Bitcoin is consolidating just below the indicator’s longer-term trendline, which is the 2X multiple of the 350-day moving average. This trendline is currently at $76,000 according to Glassnode, an on-chain analytics firm. Jelle believes that once Bitcoin breaks above this moving average, anything is possible.
The Pi Cycle Top measures the moving average with Bitcoin’s shorter-term 111-day counterpart. Previous market tops have occurred when the shorter-term average crosses above the longer-term average. Bitcoin has been consolidating around its previous all-time highs of $69,000, which were reached in November 2021. This consolidation period has been met with mixed reactions from market participants. Some see it as a healthy behavior before a potential breakout, while others are worried about the lack of upward movement. Historical data shows that Bitcoin has gone through similar consolidation periods before previous bull market tops. In 2017, it consolidated for 50 days, and in 2020, it consolidated for 2021 days.
Jelle predicts that Bitcoin’s price will continue to rise in the near future, with a target of over $80,000. He points to an ascending triangle pattern and suggests that bears will struggle to defend against a price level of $71,500. He is optimistic about the prospects of price discovery, which refers to the potential for Bitcoin to reach new all-time highs and continue its upward trend. The current consolidation period has lasted for 37 days, which is shorter than previous instances, further fueling Jelle’s bullish outlook.
Bitcoin is showing signs of a potential breakout, with the Pi Cycle Top indicator signaling a significant crossover. The current consolidation period around previous all-time highs is considered normal and healthy by some traders. Jelle predicts that Bitcoin’s price will surpass $80,000 in the near future and believes that bears will struggle to defend against upward momentum. The stage is set for potential price discovery and the continuation of Bitcoin’s upward trend.
I’m concerned that this could be a false breakout. It’s happened in the past, and it could happen again. Beware of false hope.
Finally, Bitcoin is showing signs of a breakout! I can’t wait to see new all-time highs!
I’m getting excited about the potential for price discovery and new all-time highs. Bitcoin’s future looks bright!
Bulls vs. bears? I’m with the bulls all the way! Bitcoin’s upward momentum is hard to resist!