TL;DR Breakdown
- Bitcoin has lost magical touch since a month ago, dropping after series of events.
- Elon Musk’s tweets complicit in this drop.
- Some reliable indicators produce evidence that Bitcoin is nearing a peak.
The recent fall in the price of Bitcoin attracted a huge number of whales to gobble up tokens. This has led to the formation of what we call a bull flag in the technical analysis of the chart. On the basis of this indicator, it was deduced that there is a lot of potential left in Bitcoin and it is also possible for investors to see a huge high in the price of Bitcoin.
One of the most reliable instruments used in the analysis of the coin price is called the Pi Cycle Top Indicator. This indicator was developed by renowned businessman, Philip Swift. Based on the readings of this indicator, it is seen that there is a huge chance for Bitcoin to rise and form another by the end of this year.
What is the Pi Cycle Top Indicator?
The Pi Cycle Top Indicator is considered one of the biggest and most precise indicators that help in the estimation of the price of Bitcoin and other coins using historical data. Until now, this indicator remains effective in this estimation of peaks and falls. The Pi Cycle Top Indicator makes predictions based on the movement of the 111-day and the 350-day moving averages multiplied by 2. Using them, it estimates the price that the coin could possibly reach in the near future.
Will we see a rise in the price of Bitcoin?
Nothing is 100 percent accurate and no financial advisor or price estimator can ever be sure. But on the basis of the past success of this indicator, it can be said that there is a good amount of probability that the coin will rise to another peak this year itself.
Source: DailyFX
“This is setting up another cross, and therefore potential high, in the coming months once price starts trending back up…which I believe it will.”
Philip Swift made his statement on Twitter
This analysis has brought a major relief to many people because there is too much stress due to a short term ‘death cross‘ that was formed. People believe that there might be a chance that the coin might fall further. The Pi Cycle Top Indicator has, however, brought a lot of relief and eventually, there is a high possibility that the bearish trend for Bitcoin might be over very soon.
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