Historically accurate Bitcoin metric nears the next ‘potential’ price peak
Exciting action for the historically accurate metric lays the foundation for a new cycle to a price peak. Bitcoin (BTC) losing over 50% in a month may have a big silver lining as lower prices set up a classic bull flag.On Thursday, Philip Swift, creator of the Pi Cycle Top indicator, said that this year could still see a major Bitcoin price high. BTC price drop’s saving grace?Pi Cycle Top uses two moving averages — the 111-day and the 350-day multiplied by 2 — to determine likely market tops with an error range of just three days. It has proven extremely accurate, and current conditions....
Related News
Bitcoin price is still more than 10% away from the highs set last month, and bulls have been struggling to regain the powerful momentum they had on the way up. However, while price action is feigning signs of being exhausted, blockchain data shows that growth in actual Bitcoin adoption is still on a steady, parabolic incline and is nowhere close to peak levels historically. According to a top cryptocurrency market researcher, this suggests the current […]
A Bitcoin price reversal may be incoming if the historically accurate metric calls the top like in 2019. Bitcoin (BTC) is all but guaranteed a price drop if one sentiment metric is right about the state of the market. On Nov. 19, with BTC/USD lingering at $17,500, the Crypto Fear & Greed Index hit 94, nearly matching its all-time high of 95 points out of 100 on June 26, 2019. Fear & Greed Index. Source: Cointelegraph Markets, Digital Assets DataFear & Greed hits “greediest” in 17 monthsCompiled used multiple estimates of investor sentiment, the Crypto Fear & Greed Index delivers a....
Bitcoin has exploded higher over the past few weeks amid mass institutional and retail buying pressure. There are some that are calling for a correction, though. A historically accurate analyst recently said that Bitcoin may soon be sent to “$15,500-16,000.” Another analyst agreed with this sentiment, noting that BTC is breaking below a parabolic uptrend. Bitcoin Could Be Preparing For a Correction, Analysts Say Bitcoin has exploded higher over the past few weeks amid mass […]
Bitcoin price is still stuck in the mid-$30,000 range for weeks now, unable to break any lower or make an attempt to reclaim highs. After such a drastic 50% move down, the market is shaken and waiting for confirmation of direction before volume returns. Currently, the top cryptocurrency by market cap is at historically oversold […]
Data from Bitcoin's Mayer Multiple suggests low risk/return conditions at current levels, but macro conditions still trouble long-term optimism. Bitcoin (BTC) is attempting to reclaim a key long-term moving average, but the time to buy is before, not after, one metric hints.In a series of tweets on March 29, on-chain monitoring resource Ecoinometrics eyed a classic entry for BTC/USD as flagged by the Mayer Multiple.Mayer Multiple nears pivotBitcoin price strength has endured as the week gets underway, the largest cryptocurrency putting in its highest levels of 2022 overnight.Some key....