In March, the price of Bitcoin reached a record high above $73,000, which caused debates among market observers and analysts on whether cryptocurrency has reached its peak this cycle. However, a cryptocurrency analyst has provided an in-depth analysis of Bitcoin’s recent price movements and future prospects, suggesting that the pioneering cryptocurrency still has significant growth potential ahead.
Bitcoin Hits Second Early-Cycle High, Analyst Says
On July 11, a cryptocurrency analyst who goes by the nickname “CryptoCon” took to X (formerly Twitter) to share your observations to Bitcoin’s price movements based on the Bollinger Band % phases of the Relative Strength Index (RSI). The analyst revealed that the Bitcoin RSI Bollinger Band % phases were among the few technical indicators that offer unparalleled accuracy in identifying truecycle reaches bitcoin price peak.
RSI Bollinger Band % is a unique technical tool used to confirm relative trend strength and determine the direction of the current trend. In his post, CryptoCon revealed that the RSI Bollinger Band % phases successfully differentiated the initial double tops of April 2013 and 2021, indicating the final true top for both bull cycles.
Sharing a price chart Historical Bitcoin Price Fluctuations From 2010 to 2015, CryptoCon highlighted several phases in each bull cycle which led to the true top of the price cycle for Bitcoin. The analyst identified five distinct phases for Bitcoin – the breakout from a bear market, the first bounce after a cycle breakdown, the second early top, the breakout of the ATH, and the top phase of the cycle.
Based on these phases, CryptoCon believes that Bitcoin has completed the third phase of its current market cycle, or the “second early peak.” The analyst revealed that the cryptocurrency reached this phase by crossing the 0.99 red line for the third time in March 2024, when Bitcoin rose to a modern all-time high above $73,700.
CryptoCon noted that Bitcoin’s rise to a second early peak suggests that the cryptocurrency’s recent rally price movements will not be able to strongly push it above modern all-time highs. He emphasized that this significant move towards growth above the ATH is expected to occur in phase four, where Bitcoin will achieve an “all-time high breakout.”
BTC approaching cycle peak, two phases left
Looking ahead, CryptoCon revealed that despite Bitcoin’s rise to a second peak in early March and its recent price declines, the cryptocurrency has two more phases to explore best price action in this market cycleThe analyst revealed that the market has already reached critically low levels of the RSI Bollinger % Bands, usually seen at every bottom of the cycleand even the bitcoin crash in 2020.
There are only two phases left and Bitcoin could break into the highest levelpotentially surpassing its initial all-time high of $73,700. In another perceptive fastingCryptoCon predicts Bitcoin could reach expected cyclical high in April 2025
Featured image created with Dall.E, chart from Tradingview.com
