The crucial bull market breakout level that led to the explosive rise to all-time highs in both 2017 and 2020 is where bitcoin is currently stabilizing. Bitcoin (BTC) is aiming for a traditional breakout move that came before its all-time highs in 2017 and 2021.
Renowned trader Jelle announced a significant crossover in Bitcoin's Pi Cycle Top signal in an April 12 X post.
Bitcoin Pi Cycle Top breakout seems eerily near
Pi Cycle Top is a traditional tool for monitoring the Bitcoin bull market. It is made up of two moving averages, and it has regularly produced macro top signals for the price movement of bitcoin.
Jelle observes that the price is currently coiling beneath the longer-term trendline of the indicator, which is the 2X multiple of the 350-day moving average, which is currently at $76,000 according to data from the on-chain analytics company Glassnode.
"All bets are off once Bitcoin breaks the Pi Cycle moving average," he stated in the comments that went along with it.
Consolidation of Bitcoin prices is well within historical standards
The Bitcoin/USD exchange rate has been stabilizing for a few weeks now, hovering around its November 2021 all-time high of $69,000.
Some market participants, like Jelle, find this kind of pricing movement unsettling, but others view it as appropriate behavior when it comes to such a delicate psychological boundary.
Bitcoin experienced comparable movements in 2017 and 2020, consolidating at all-time highs for 50 days and 2021 days, respectively.
A fellow trader named Daan Crypto Trades said, "At this point, we're sitting at 37 days of consolidation around the previous all-time high," in a recent X post about the subject.
Jelle went on, sustaining a target price for bitcoin that is close to $80,000.
With a graphic illustrating the present market structure, he added, "This ascending triangle has a target of $82,000."
"I don't think bears can hold onto $71,500 for very long. Let there be price discovery."
April 2024, Cryptoniteuae