Bitcoin (Bitcoin) Losing more than 50% in a month may have a glimmer of hope, because lower prices set the classic bull market flag.
On Thursday, Philip Swift, the creator of the Pi Cycle Top indicator, stated that Bitcoin prices may still hit new highs this year.
A life-saving straw for falling BTC prices?
Pi Cycle Top uses two moving averages-111 days and 350 days multiplied by 2-to determine the possible market top, with a margin of error of only three days.
It has proven Extremely accurate, And the current situation is establishing a crossover from the two averages, which indicates a return to bullishness.
“111dma (orange line) continues to quickly fall below 350dma x 2 (green line),” Swift comment On Twitter.
“Once the price starts to recover, this will set another crossover point in the next few months, so a potential high…I believe it will.”
Bitcoin price bottomed?
Concerned about the so-called “death cross” of the other two moving averages, this provides a strong contrast to short-term price movements May cause pain in the next few weeks.
Last week, analyst Filbfilb and Swift were in charge of the trading suite DecenTrader, and proposed the potential for BTC/USD to rise or fall sharply.
“Price movements are different from the 20-week moving average (WMA), which is usually the boundary between Bitcoin being in a bull market or a bear market, so it is still a bearish scenario for Bitcoin,” he said wrote.
“If Bitcoin finds enough demand in the low 30s, 20 WMA is expected to become resistance. The decline may make the low of $20 or the 78.6% retracement possible. Therefore, the price trend next week is particularly important.”
As Cointelegraph ReportHowever, there is consensus that the partial bottom of BTC/USD has formed 36,000 USD. This was predicted even before Elon Musk’s latest episode was involved.
