Bitcoin Price Above $100,000 Renews Hope, Analyst Reveals The Cycle Top
As Bitcoin price climbs back above $100,000, discussions have begun about what could mark a cycle top for the flagship cryptocurrency. cryptocurrency analyst Tony Severino This provides some insight, revealing price targets that could be considered at the top of the market.
Potential Cycle Top for Bitcoin Price
in a X postsTony Severino says the cycle top for Bitcoin prices could be around $170,000. He noted that a 90% surge could bring the flagship cryptocurrency to this price level. It is at this level that a cycle top can be considered, he added, suggesting Bitcoin Top It’s likely to be around this range during this cycle.
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The cryptocurrency analyst also discussed the current Bitcoin price action. He said a renewed squeeze on the medium-term trend could lead to a continuation of the uptrend. Severino added Bitcoin breaks $105,000 Getting interesting, this suggests that the flagship cryptocurrency may witness a parabolic rally to new all-time highs (ATH).
Severino mentioned the last time Bitcoin price fell to the lower band before rising to the upper band. He further noted that the move from the lower rail’s wick low to the local high is 90%. So, here’s why analysts believe Bitcoin could surge another 90% to reach the $170,000 target before the price rises. bike tops Yes.
Prior to this, cryptocurrency analysts were also convinced that Bitcoin price remains bullish as Monthly Stochastic Oscillatorstill above 80. This tool is used to measure momentum, with an indicator above 80 generally indicating strong upward momentum. Historically, monthly stochastics above 80 have also resulted in continued BTC gains.
It is vital to hold $100,000 as support
In X post, Cryptocurrency Analyst Jer Indicating that Bitcoin price holds support at $100,000 is the next most crucial step to continue the uptrend. He noted that Bitcoin is breaking through the $100,000 resistance level, which is also in line with the local downward trendline.
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The cryptocurrency analyst said he expects Bitcoin prices to break out soon. He also predicted that once that happens, prices will be even higher. In another X post, Jelle mentioned Bitcoin funding ratecurrently in green status. In line with this, he asserted that the flagship cryptocurrency will be “hot” for several weeks before this bull cycle ends.
According to statistics, as of this writing, Bitcoin price is around $99,700, up more than 2% in the past 24 hours data From CoinMarketCap.
Featured image created using Dall.E, chart from Tradingview.com
