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The cryptocurrency market technician debates whether Bitcoin has achieved the peak bull cycle like Technical indicators Suggest a potential loss of momentum. The analysis report emphasizes technical indicators such as Relative strength indicator (RSI) Which did not reach past extremes, increasing the concerns about the future Bitcoin trajectory.
Bitcoin indicators do not have historic peaks
Bitcoin historically showed powerful readers during the main bicycles, reflecting extreme commitment and enthusiasm. However, in this cycle of bulls, the reading of the RSI pioneering cryptocurrencies did not reach historic peaks, despite Bitcoin reaches the novel one all -time ups.
Tony Severino, cryptographic market technician on X (previously Twitter), has Risk of Bitcoins prices Further failures, because S&P Monthly Lmacd changes bears, why the bulls are only 20 days detailed Bitcoins analysisquestioning the assumption that cryptocurrency must achieve the same RSI levels selected As in previous cycles to confirm the market summit. The key argument is that the lower ups on oscillators, such as RSI, combined with higher levels at the Bitcoin price, can be a bear signal, which suggests SCIENCE SPECIALATION ON THE MARKET.
Severino has released an example of comparison The current Bitcoin bull cycle to previous cycles. In the previous bull market, the monthly RSI Bitcoin reached over 90, but its current cycle is not. The analyst asked the question whether this inability to achieve extremes means that Bitcoin is not there reached the summit of the market Or simply missing the same momentum to push RSI to the highest level.
The analyst warned that believing that Bitcoin must achieve the extremes of indicators in terms of indicators before reaching the price peak is a unsafe way of thinking. Historical patterns do not always repeat in the same way, and relying too huge at the top of the indicators in the past may cause traders to miss warning signs or underestimate the possibility bears.
Severino also pointed to historical data S&P 500 In the 1950s and 1960s, where a similar failure of the RSI preceded a long market crash. In these times, cyclical peaks reached RSI 77 or higher readings, but in 1969 RSI did not reach these ups, signaling the weakness underlying the root. The market of the market eventually led to the first lower level in over 20 years.
Although this historical behavior of the S&P 500 does not mean that bitcoins are intended for a lower high level, it suggests that cryptocurrency does not have to reach extreme RSI levels to confirm the peak of the cycle and the next bear market.
The analyst claims that BTC has reached the market peak
In his analysis, Severino confirmed that Bitcoin has already hit his market in this bull cycle. After a detailed analysis of RSI Bitcoin levels, a member of the community he asked If Severino thinks Bitcoin has reached the market peak when he is The price increased above USD 109,000.
Analyst replied positively, stating that current market data indicate that cryptocurrency has reached the highest price for this bull cycle Donald Trump inauguration day in the USA. At that time, Bitcoin increased by $ 109,000, establishing novel ATH and exceeding previous records.
A distinguished picture from Unsplash, tradingview.com chart
