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After months of a stubborn rush that pushed the price of bitcoins to The highest in history over USD 109,000 At the beginning of this year, analysts are now debating whether this violent peak meant the official peak of the market. By strengthening this argument, the convergence of technical indicators suggests that the market cycle could already reach the peak – above all behavior Market value to the real value (MVRV) S-Wynik strengthens this view.
MVRV Z-Score shows that the price of Bitcoin
Novel Technical analysis Author: Crypto Tony Severino analyst, which connects MVRV Z-Wynik with the 1st monthly relative strength indicator (RSI), flashes warning signs that TOP on the Bitcoin market can already be in.
Looking at the logarithmic price chart, MVRV Z-Score Bitcoin broke below the long-term support line. This pattern is significant, because the result has always respected growth support lines during bull markets, with similar breaks appearing only after Bitcoin reaches the official peak of the market.
In particular, this is not the first time Bitcoin showed such behavior of the trend. Similar breaks of the support line took place in front of the tops of the BTC market during Cycles of Bulls 2017 and 2021. The bear argument that Bitcoin could already have reached the top of the price It is additionally strengthened by a visual correlation between score with and monthly RSI Bitcoin, which is shown by the black line on the chart.
In previous cycles, Bitcoin’s RSI Twice fell below 70, which indicates a disappearing shoot and weakening of the price. Historically, such movements below level 70 occur shortly after prices, not earlier.
Even more convincing, average movable RSI (MA), emphasized by the orange line on the chart, is now rolled down. This subtle but forceful signal appeared in previous cycles only after the market has already completed, serving as confirmation than the forecast.
To sum up, these technical indicators and historical trends definitely suggest that the Bitcoin peak in the amount of USD 109,000 could mark the peak of this market cycle. According to previous behavior on the bull market, Bitcoin may now be on the edge of the entrance to Extended bear market. This bear’s perspectives are strengthened by the last steep price corrections, a reduction in investors’ trust and a clear change in market moods in the direction caution and uncertainty.
Bulls tries to reverse Bercoin Barish perspectives
In another of his latest Bitcoin, Severino analyzes revealed that the bulls seem to press on Price recovery. The analyst admitted that his previously dominant bear narrative about Bitcoins may soon see a significant change if the bulls can keep the rush in the April closure.
According to the presented chart, Bitcoin is now testing the key area of interest, while showing early stubborn signs of the bearing reversal in a monthly long -term monthly Average mobile convergence (MacD). Adding to the intrigue, possible creation Morning Star Candlestick pattern It strengthens the possibility of stubbornly reversing bitcoins.
In particular, similar configurations of charts occurred in 2022 and in mid -2023, which meant the main turning points for Long -term Bitcoin perspectives. If the cryptocurrency could be closed with APRIL with the full morning pattern of the star, it may force it again bears expectations.
A distinguished picture from Adobe, chart from TradingView.com
