Bitcoin recently hit an all-time high above $73,000, leading to speculation about whether it has reached its peak for this cycle. However, a crypto analyst known as ‘CryptoCon’ has offered a detailed analysis of Bitcoin’s recent price movements and future prospects. According to CryptoCon, the pioneer cryptocurrency still has significant upside potential ahead.
RSI Bollinger % Band Phases
CryptoCon took to social media to share insights on Bitcoin’s price movements based on the Relative Strength Index (RSI) Bollinger Band % phases. This technical tool is known for its accuracy in identifying true cycle tops for Bitcoin’s price. By analyzing the RSI Bollinger % Band phases, CryptoCon was able to pinpoint the final true top for both the 2013 and 2021 bull cycles.
By examining Bitcoin’s historical price movements from 2010 to 2015, CryptoCon highlighted five distinct phases in each bull cycle: the bear market breakout, the first cycle breakdown recovery, the second early top, the all-time high (ATH) break, and the cycle top phase. According to CryptoCon, Bitcoin has already completed the third phase of its current market cycle, the “second early top,” by reaching a new all-time high above $73,700 in March 2024.
Despite Bitcoin’s recent downward price movements, CryptoCon remains optimistic about its future. The analyst believes that Bitcoin still has two phases left to experience the best price action in this market cycle. With RSI Bollinger % Bands at critically low levels, similar to those seen at cycle bottoms and during the 2020 Bitcoin crash, Bitcoin could potentially surpass its previous all-time high of $73,700 in the upcoming phases.
The future of Bitcoin remains uncertain but promising. While some market watchers may believe that Bitcoin has already reached its top this cycle, CryptoCon’s analysis suggests otherwise. With two phases left in the current market cycle, Bitcoin has the potential to achieve new all-time highs and continue its upward trajectory. Investors and enthusiasts alike will be closely monitoring Bitcoin’s price movements in the coming months to see if CryptoCon’s predictions come to fruition.
