Crypto analyst Tony Severino has revealed that the Bitcoin Percentage Price Oscillator (PPO) has turned crimson after reaching $102,000. He additional defined what this growth means for the flagship crypto in relation to the continuing bull market.
Bitcoin’s Weekly PPO Turns Red At $102,000
In an X post, Severino revealed that the Bitcoin weekly PPO simply turned crimson after reaching $102,000. The analyst had talked about earlier than that when the weekly PPO turns crimson, the top is close to for Bitcoin’s bull run. He warned again then that this indicator might be pointing to the highest quickly.
Related Reading
As to how this market top may occur now, the crypto analyst defined that the Bitcoin worth will maintain operating as soon as the crimson ticks start, and the market may have topped earlier than the crimson tick runs out.
Severino additionally highlighted the TD Sequential as one other indicator that means the Bitcoin peak may happen as quickly as the primary or second quarter of this yr. He famous that BTCUSD’s quarterly candlesticks are on an 8-count. The analyst additional revealed {that a} perfected TD9 depend ended the 2017 bull run.
Therefore, if historical past repeats itself, the Bitcoin worth may high by July. However, the analyst nonetheless believes that the highest may occur as early as Q1, noting that it isn’t unusual for this peak to occur on the eighth candlestick within the sequence. He additionally raised the opportunity of the Bitcoin bull market extending past Q2, stating that the TD8/9 setups may fail.
However, Severino added that it appears unlikely that Bitcoin will proceed trending greater for a number of quarters with no extra important correction. The crypto analyst additionally beforehand predicted that the Bitcoin price could top under $150,000 as early as January 20. He defined that Donald Trump’s inauguration might be the brand new paradigm resulting in this cyclical peak. He made this prediction primarily based on the truth that the market may have already priced into Trump’s pro-crypto strikes.
Bitcoin Price Correction Nearing Its End
In the meantime, crypto analysts have advised that the Bitcoin downtrend could also be nearing its finish, particularly with the flagship crypto again above $100,000. In an X put up, crypto analyst Titan of Crypto talked about {that a} Bitcoin mark-up is imminent. This got here as he remarked that the 7-week consolidation for BTC is perhaps nearing its finish.
Related Reading
Crypto analyst Mikybull Crypto additionally advised that Bitcoin has flipped bullish as soon as once more. He remarked that the bears had been not in management following Bitcoin’s rise above $100,000, invalidating the bearish setup. With the flagship crypto again above this worth degree, the crypto analyst predicted it could be prepared for a sustainable rally to a cycle high.
At the time of writing, the Bitcoin worth is buying and selling at round $101,677, up over 2% within the final 24 hours, based on data from CoinMarketCap.
Featured picture created with Dall.E, chart from Tradingview.com
