CMT-Certified Expert Explains Why Bitcoin May Not Reach Past Extremes On Indicators
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A crypto market technician is debating whether Bitcoin has reached its peak in this bull cycle, because Technical Indicators Impressing potential momentum loss. Analysis reports highlight such as Relative Strength Index (RSI) This has not reached the extremes of the past and has raised concerns about the future trajectory of Bitcoin.
Bitcoin indicator lacks historical peaks
Historically, Bitcoin has shown strong metric readings over major cycles, reflecting extreme market participation and enthusiasm. But, in this bull cycle, though Bitcoin reaches new Ever since high.
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Tony Severino is a crypto market technician for X (formerly Twitter) Bitcoin price could collapse further as the S&P monthly LMACD turns bearish, why the Bulls only have 20 days Detailed Bitcoin analysisChallenge cryptocurrencies must reach the same assumptions Too many RSI levels Just like in previous cycles, to confirm its market peak. The key argument here is that the lower highs of oscillators such as RSI, coupled with the higher highs of Bitcoin price, may be a bearish signal, indicating that Power in the market.
Severino shares an example of comparison Bitcoin’s current bull cycle Past cycles. In the previous bull market, Bitcoin’s monthly RSI reached more than 90, but the current cycle has not. Analysts raise the question that this inability to reach past extremes means Bitcoin has not yet Reaching the top of the market Or just lack the same momentum to push its RSI to the highest level.
Analysts warn that believing Bitcoin must achieve past extremes on indicators before reaching its price peak is a dangerous way of thinking. Historical patterns are not always repeated in the same way, and relying too much on past indicator peaks may cause traders to miss the warning signs at the top, or underestimate a possibility Bear market.
Severino also pointed out that S&P 500 Index In the 1950s and 1960s, similar RSI failures were before the long market crash. During this time, the periodic peak reached RSI readings of 77 or higher, but in 1969, RSI failed to reach these highs, and the signal was a potential weakness. This market downturn ultimately led to the first lower low in more than 20 years.
While this historical behavior of the S&P 500 does not mean that Bitcoin is destined to be at a lower height, it does show that cryptocurrencies do not need to reach extreme RSI levels to confirm the top of the cycle and subsequent bear markets.
Analysts say BTC has reached the highest market
Severino confirmed in his analysis that Bitcoin has reached its peak in the market in the bull cycle. According to his detailed analysis of Bitcoin RSI level, community members ask If Severino thinks Bitcoin has reached its peak in its market Prices soar to over $109,000.
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Analyst answer Positively point out that current market data suggests that cryptocurrencies have reached the highest price of the bull cycle after this Donald Trump’s Inauguration Day. At that time, Bitcoin soared $109,000, creating a new ATH and surpassing previous records.
Featured images from Unsplash, charts from TradingView.com
