Cryptocurrency analyst Tony Severino revealed that Bitcoin’s Percentage Price Oscillator (PPO) turned red after reaching $102,000. He further explained what this development means for the flagship cryptocurrency in regards to the ongoing bull market.

Bitcoin’s weekly PPO turns red at $102,000

In Post XSeverino revealed that Bitcoin’s weekly PPO just turned red after reaching $102,000. The analyst has previously mentioned that once the weekly PPO turns red, the end will be near Bitcoin bull run. He then warned that the indicator could soon point upwards.

As for how market peak could happen now, the crypto analyst explained that the price of Bitcoin will continue to rise when the red markers start and the market will peak before the red marker ends.

Severino also emphasized Sequential TD as another indicator suggesting that Bitcoin’s peak could come as soon as the first or second quarter of this year. He noted that BTCUSD’s quarterly candlesticks are at 8. The analyst further revealed that the excellent TD9 number ended the 2017 bull run.

Therefore, if history repeats itself, Bitcoin price could peak by July. However, the analyst still believes that a peak could occur as early as Q1, noting that it is not uncommon for this peak to occur on the 8th candlestick in the sequence. He also raised the possibility of the Bitcoin bull market extending beyond the second quarter, stating that TD8/9 setups may fail.

However, Severino added that it seems unlikely that Bitcoin will continue its upward trend for multiple quarters without a more significant correction. The cryptocurrency analyst also predicted earlier that Bitcoin price may peak under $150,000 on January 20. He explained that Donald Trump’s inauguration could be a fresh paradigm leading to this cyclical summit. He made this prediction based on the fact that the market may have already priced in Trump’s pro-crypto move.

Bitcoin’s price correction is coming to an end

Meanwhile, cryptocurrency analysts have suggested that Bitcoin’s downtrend may be nearing an end, especially as the flagship cryptocurrency once again breached $100,000. In the post: X, cryptocurrency analyst Cryptocurrency titan mentioned that Bitcoin markup is inevitable. This came after he noted that BTC’s 7-week consolidation may be coming to an end.

Cryptocurrency analyst Crypto Mikybull he also suggested that Bitcoin has once again gone bullish. He noted that the bears lost control after Bitcoin rose above $100,000, invalidating the bearish setup. Once the flagship cryptocurrency breaks above this price level again, the cryptocurrency analyst predicted that it could be poised for a sustained rally to the top of the cycle.

At the time of writing, Bitcoin is trading at around $101,677, up over 2% in the last 24 hours, according to data from CoinMarketCap.

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