Bitcoin’s recent price movements have sparked debates among market watchers about whether the cryptocurrency has hit its peak for this cycle. One crypto analyst, known as ‘CryptoCon,’ has provided valuable insights into Bitcoin’s future outlook. Using the Relative Strength Index (RSI) Bollinger Band % phases, CryptoCon has identified key indicators that suggest Bitcoin still has significant upside momentum ahead.
The RSI Bollinger % Band is a technical tool that confirms a trend’s relative strength and helps determine the direction of a current trend. According to CryptoCon, this tool has accurately identified true cycle tops for Bitcoin’s price movements in the past. By analyzing historical data from 2010 to 2015, CryptoCon has highlighted five distinct phases for Bitcoin, including the bear market breakout, the first cycle breakdown recovery, the second early top, the all-time high break, and the cycle top phase.
Based on his analysis, CryptoCon believes that Bitcoin has completed the third phase of its current market cycle, known as the “second early top.” This phase was reached in March 2024 when Bitcoin surpassed the red 0.99 value-line and rose to a new all-time high above $73,700. Despite this milestone, CryptoCon suggests that Bitcoin’s recent price movements may not be enough to push it firmly above new all-time highs. The analyst predicts that the cryptocurrency will need to reach the “all-time high break” phase to achieve a significant rise above ATHs.
Looking ahead, CryptoCon has disclosed that Bitcoin still has two phases left to experience the best price action in this market cycle. The market has already reached critically low levels of RSI Bollinger % Bands, similar to those seen at each cycle bottom and during the 2020 Bitcoin crash. With just two phases remaining, Bitcoin could potentially surpass its initial $73,700 all-time high and break into its highest level yet.
While Bitcoin’s recent price movements have raised concerns about its peak for this cycle, CryptoCon’s analysis suggests that the cryptocurrency still has room for substantial growth. By understanding the RSI Bollinger % Band phases and Bitcoin’s current market cycle, investors can gain valuable insights into the future potential of this pioneering cryptocurrency.