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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds
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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds

This Bitcoin Metric Says The Bull Market Might Soon Be Over

Tony "The Bull" Severino
Tony "The Bull" Severino
1 year ago
3 mins read
bitcoin bull market metric over

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Bitcoin price has retraced 10% from highs and is still reeling from the rejection from above $60,000. The pullback has caused two important long-term moving averages to come dangerously close to death-crossing, that when crossed in the past have signaled that the top is in for the bull market.

Here’s what data says about the coming end of the bull market, when it might happen, and how many days left approximately you’d have left to sell your coins at the highest profit if the signal is correct. If it is not, Bitcoin price could be on the cusp of an unprecedented uptrend unlike never before.

Picking The Bitcoin Bull Market Top Could Be As Easy As Pi

Bitcoin price has appreciated more than 1,500% from Black Thursday 2020 low to the highs set over this weekend above $60,000.

The leading cryptocurrency by market cap couldn’t sustain buying above the rounded number more than three times the former peak set in 2017, and has since come crashing back down by as much as 10% so far.

Related Reading | Bloody Monday: Bitcoin Selloff Saw Record $1.6B In Liquidations

Debate has begun to if whether or not the top of the bull market is near, or potentially already in at this point. Adding fuel to these bearish takes, is the fact that the 111 day moving average is only 3.6% away from the “2X 350 day MA,” and in the past the metric has called “tops pretty well.”

According to one sharp-eyed crypto analyst who discovered the recurrence, when this behavior occurs on PositiveCrypto’s “Pi Cycle Top Indicator” it typically has appeared within four to ten days from the top of each bullish impulse.

bitcoin pi cycle top

PositiveCrypto's "Pi Cycle Top Indicator" has historically called past market tops | Source: BTCUSD on TradingView.com

In 2017, the peak of the bull run arrived just one day before the cross took place, with the metric reaching 3.6% distance just ten days before. Both times in 2013, 3.6% distance was achieved within a week from the top, and the top was within a week from the crossover one way or another.

The one anomaly was during 2011, when the cross arrived 40 days ahead of the peak. This time around, the two moving averages only just reached the critical 3.6% distance, but who knows what happens next.

Related Reading | Data Shows Bitcoin Peaks Last Roughly 40 Days: When To Sell Your Coins

Does that mean a peak is near? Or could the current bull market be so powerful, its is as if the cryptocurrency is reliving its early days of price discovery and the early 2011 anomaly is the more accurate direct comparison? Only time will tell.

If there is only limited time left in the current bull market, the same metric does also suggest that there could be yet another significant move higher before the peak is in.

Featured image from Deposit Photos, Charts from TradingView.com
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Tony "The Bull" Severino
Tony "The Bull" Severino

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

Read more

Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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