BTC price inches from new surge at $71K — Bitcoin Pi Cycle Top metric

cyptouser3 months agoCryptocurrencies News93
1205f261>

Bitcoin (BTC) is eyeing a classic breakout move that preceded both its 2017 and 2021 all-time highs.

In an April 12 X post, popular trader Jelle flagged a key crossover due on Bitcoin’s Pi Cycle Top indicator.

Bitcoin Pi Cycle Top breakout tantalizingly close

Pi Cycle Top is a classic Bitcoin bull market observation tool. Consisting of two moving averages, it has consistently delivered macro top signals for BTC price action.

Now, Jelle notes, price is coiling beneath the indicator’s longer-timeframe trendline — the 2X multiple of the 350-day moving average, currently at $76,000, per data from on-chain analytics firm Glassnode.

“Once Bitcoin breaks the Pi Cycle moving average — all bets are off,” he wrote in accompanying commentary.

“It's currently consolidating right below it — just like it did in 2020.”
Bitcoin Pi Cycle Top indicator. Source: Glassnode

Pi Cycle Top effectively measures that moving average with Bitcoin’s shorter-term 111-day counterpart. Macro tops come when the latter crosses the former.

BTC price consolidation well within historical norms

As Coitnelegraph continues to report, BTC/USD has spent multiple weeks consolidating around its previous all-time highs of $69,000 set in November 2021.

Related: Bitcoin RSI points to short-term gains as metric signals BTC price top

While such price action has unnerved some market participants, others, including Jelle, see it as healthy behavior around such a critical psychological line in the sand.

In both 2017 and 2020, Bitcoin made similar moves, consolidating at all-time highs for 50 days and 2021 days, respectively.

“Currently we’re sitting at 37 days of consolidation around the previous all time high,” fellow trader Daan Crypto Trades wrote in part of a recent X post on the topic.

BTC/USD chart. Source: Daan Crypto Trades

Continuing, Jelle maintained a near-term BTC price target of more than $80,000.

“This ascending triangle has a target of $82,000,” he explained alongside a chart showing current market structure.

“I doubt bears can defend $71,500 for much longer. Bring on price discovery.”
BTC/USD chart. Source: Jelle

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

The content on this website comes from the Internet. Due to the inconvenience of proofreading the authenticity and accuracy of the copyright or content of some content, it may be temporarily impossible to confirm the authenticity and accuracy of the copyright or content. For copyright issues or other issues caused by this, please Call or email this site. It will be deleted or changed immediately after verification.

related articles

Runtime Verification launches universal ZK rollup PI Squared on MultiversX

Runtime Verification, an Illinois-based security audit firm, unveiled a universal zero-knowledge (ZK...

Ark Invest, 21Shares drop staking from spot Ethereum ETF proposal

Ark Invest and 21 Shares dropped staking plans in their updated spot Ethereum ETF proposal on May 10...

Paraguay floats temp crypto mining ban as illegal ‘farms’ cripple grid

Paraguay floats temp crypto mining ban as illegal ‘farms’ cripple grid

92485d12˃Paraguay lawmakers have proposed a bill to temporarily ban crypto mining and related activi...

Here’s how businesses can securely process crypto payments

Here’s how businesses can securely process crypto payments

25cc9d4a˃Businesses increasingly seek to integrate crypto payments due to their borderless nature an...

Bitcoin derivatives turn bearish as traders anticipate sub $60K BTC price

Bitcoin derivatives turn bearish as traders anticipate sub $60K BTC price

55966e89˃Bitcoin (BTC) price dropped 5.8% between June 23 and June 24, reaching its lowest level in...

Solana illustrates the dark side of monolithic blockchains

Solana illustrates the dark side of monolithic blockchains

55966e89˃Everyone agrees that blockchains must scale. What they don’t agree on is how. This is the “...