Cryptocurrency News

Historically accurate bitcoin metric nears next ‘potential’ price peak


bitcoin (B T c) Loss of more than 50% in a month could be a big silver lining as lower prices have set up a classic bull flag.

On June 3, Philip Swift, the creator of the pie cycle top indicator, said that this year could still see a huge price rise for bitcoin.

The Saving Grace of BTC Price Drop?

The Pie Cycle Top uses two moving averages – the 111-day and 350-day multiplied by 2 – to determine potential market tops with an error range of only three days.

it is proved extremely accurate, and current conditions are setting up a crossover with the two averages suggesting a bullish return.

“111dma (orange line) is falling rapidly below 350dma x 2 (green line),” Swift commented on Twitter.

“This is setting up another cross, and therefore a potential higher in the coming months, once the price starts to move back up… which I believe it will be.”

Bitcoin Pie Cycle Top Chart. Source: LookIntoBitcoin.com

Bitcoin price close to bottom?

It provides a strong counterpoint to short-term price action, between apprehension That the so-called “death cross” of two other moving averages could cause pain in the coming weeks.

Last week, analyst filbfilb, who along with the Swift Head trading suite Decentrader, determined the potential for significant volatility for BTC/USD.

“The price action is in a way from the 20-week moving average (WMA), which typically lines the middle of bitcoin in either a bull or bear market and thus remains a bearish scenario for bitcoin,” they wrote.

“Should bitcoin find enough demand in the low 30s, the 20 WMA would be expected to act as resistance. A decline could make a lower $20 or a 78.6% retracement a potential target. As such, price over the next week Action is especially important.”

as Cointelegraph ReportedHowever, the consensus is building that a local bottom for BTC/USD is at $36,000. It was predicted even before the latest drama involving Elon Musk.