Bitcoin Weekly PPO Turns Red At $102,000, What It Means For The Bull Market
cryptocurrency analyst Tony Severino It was revealed that the Bitcoin Percent Price Oscillator (PPO) has turned red after reaching $102,000. He further explained what this development means for the flagship cryptocurrency in terms of the current bull run.
Bitcoin weekly PPO turns red to $102,000
in a X postsSeverino revealed that Bitcoin’s weekly PPO just turned red after reaching $102,000. Analysts have mentioned before that when weekly PPO turns red, it means the end is coming. Bitcoin’s bull run. He warned at the time that the indicator could peak soon.
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As for this market top The cryptocurrency analyst explained that once the red tick begins, Bitcoin price will continue to run and the market will reach its top before the red tick ends.
Severino also emphasized TD sequential As another indicator, Bitcoin’s peak could occur as early as the first or second quarter of this year. He noted that BTCUSD’s quarterly candlestick count is 8. The analyst further revealed that a perfect TD9 count ended the 2017 bull run.
Therefore, if history repeats itself, Bitcoin prices may peak in July. However, analysts still believe the top could occur as early as the first quarter, noting that it is not uncommon for the peak to occur on the 8th candlestick in the sequence. He also raised the possibility of the Bitcoin bull run extending beyond the second quarter, noting that the TD8/9 setup could fail.
However, Severino added that it seems unlikely that Bitcoin will continue to move higher for multiple quarters without a more significant correction. The cryptocurrency analyst also previously predicted that, Bitcoin Price May Top It will fall below $150,000 as early as January 20th. He explained that the inauguration of Donald Trump may be the new paradigm leading to this cyclical spike. He made this prediction on the basis that the market may have already priced in Trump’s pro-cryptocurrency move.
Bitcoin price correction nears end
Meanwhile, cryptocurrency analysts say Bitcoin’s downtrend may be nearing an end, especially with the flagship cryptocurrency back above $100,000. In X post, crypto analyst crypto titan Mentioned that Bitcoin price increase is coming. On this occasion, he said that BTC’s seven-week consolidation may be nearing its end.
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cryptocurrency analyst Mikibool Cryptocurrency It also indicates that Bitcoin has turned bullish again. He said that after Bitcoin rose above $100,000, bears were no longer in control, invalidating the bearish pattern. With the flagship cryptocurrency back above this price level, crypto analysts are predicting that it may be primed for a sustainable rally to the top of the cycle.
According to statistics, as of this writing, Bitcoin price is about $101,677, up more than 2% in the past 24 hours. data From CoinMarketCap.
Featured image created using Dall.E, chart from Tradingview.com
