May 30, 2024
Bitcoin's at $70,953, Signals Potential Surge
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Bitcoin’s at $70,953, Signals Potential Surge

Friday, April 12, 2024: Bitcoin Price is currently at $70,953, with indicators suggesting a potential breakout move reminiscent of its historic highs in 2017 and 2021. Renowned trader Jelle has highlighted a significant crossover imminent on Bitcoin’s Pi Cycle Top indicator, a tool well-known for signaling macro tops in BTC price action. This indicator comprises two moving averages, historically providing reliable signals for Bitcoin’s market trends.

Bitcoin Pi Cycle Top indicator. Source: Glassnode

Key Indicator Insights

Jelle emphasizes the importance of the Pi Cycle moving average, particularly the 2X multiple of the 350-day moving average, currently standing at $76,000. The observation that Bitcoin is consolidating below this critical trendline is reminiscent of similar behavior observed in 2020, preceding significant price movements. The Pi Cycle Top measures the crossover between Bitcoin’s shorter-term 111-day moving average and its longer-term counterpart, signaling macro tops when the former crosses the latter.

BTC/USD chart. Source: Daan Crypto Trades

Market Sentiment and Price Targets

While some market participants may feel uneasy about this price action, others like Jelle and fellow trader Daan Crypto Trades view it as healthy behavior around a crucial psychological level. Drawing parallels to previous market cycles in 2017 and 2020, where Bitcoin consolidated at all-time highs for significant periods, there’s a sense of anticipation for a potential breakout. Currently, Bitcoin has been consolidating around its previous all-time high for 37 days.

BTC/USD chart. Source: Jelle

Jelle maintains a bullish outlook, setting a near-term price target for BTC at more than $80,000. He identifies an ascending triangle pattern with a target of $82,000, suggesting that bears may struggle to defend the $71,500 mark for much longer. The call for price discovery indicates a prevailing sentiment among traders that Bitcoin may soon embark on another significant upward movement, following the patterns observed in previous market cycles.

Image by frimufilms on Freepik

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