Of that, $125,500 was recorded as Bitcoin Weekly PPO painted red at $102,000, indicating the peak of bull runs may near.
The Bitcoin PPO, a technical indicator in the Bitcoin community, went red, as Bitcoin rose to $102,000, said Tony Severino. This development has also brought up discussions on the bull market form of the world’s most popular cryptocurrency.
Severino, in an X post, said that when PPO is red, it means that market may be reaching its peak soon. He explained that Bitcoin price could go further during this phase but the rally might stop before the indicator is reset.
Bitcoin Signals Market Top
Supplementing the discussion, Severino went further and presented the TD Sequential as a technical signal that could be used to anticipate tops of the markets. The current quarterly bitcoin candlesticks have put in an 8-count, and there was a TD9 sell signal which completed at the end of the last bull run back in 2017.
Severino concluded that prediction relying on historical data might suggest that Bitcoin could hit its maximum between the first and second quarter of the year, perhaps in July. However, he said that a top may also occur earlier, in the 8th phase of the candlestick.
Still, these signs did not deter Severino from entertaining the likelihood of a more protracted bull run, because, as he pointed out, nothing is perfect with TD setups. He stressed that there are no chances for the rally to continue and rise without a steep correction in the 3Q except for Q2.
Some other analysts have had their mixed feelings about the future outlook of Bitcoin. Titan of Crypto saw an end to BTC recent 7-week consolidation, and pinpointing the upcoming mark-up phase. Mikybull Crypto also pointed out that with BTC rising above $100,000, a bearish pattern was negated meaning a bullish drive was on.
As at the time of compiling this report, BTC was priced at about $101,677 – a more than 2% gain in the past 24 hours at the time of writing based on data from CoinMarketCap. Experts are still unsure if Bitcoin will continue the push higher or experience a steep decline, but all expect the next several months to be very telling for the crypto’s path.
Because BTC is in focus, investors are preparing themselves for more fluctuation in the price as the market tries to understand if this is another cycle high or just a drive towards new peaks.
