Is $73,000 The Top For Bitcoin? Analyst Identifies Where BTC Is In This Cycle

Scott Matherson

1 year ago

3 mins read

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In March, Bitcoin hit an all-time high above $73,000, sparking debates amongst market watchers and analysts about whether the cryptocurrency has hit its top this cycle. However, a crypto analyst has provided an in-depth analysis of Bitcoin’s recent price movements and future outlook, suggesting that the pioneer cryptocurrency still has substantial upside momentum ahead.

Analyst Says Bitcoin Has Reached Second Early Cycle Top

On July 11, a crypto analyst identified as ‘CryptoCon,’ took to X (formerly Twitter) to share insights into Bitcoin’s price movements based on the Relative Strength Index (RSI) Bollinger Band % phases. The analyst disclosed that Bitcoin’s RSI Bollinger % Band phases were one of the few technical indicators which offer unparalleled accuracy in identifying truecycle tops for Bitcoin’s price.

The RSI Bollinger % Band is a unique technical tool used to confirm a trend’s relative strength and determine the direction of a current trend. In his post, CryptoCon disclosed that the RSI Bollinger % Band phases had successfully distinguished the initial April double tops of 2013 and 2021, pinpointing the final true top for both bull cycles.

Sharing a price chart of Bitcoin’s historical price movements from 2010 to 2015, CryptoCon highlighted several phases in each bull cycle that led to a true price cycle top for Bitcoin. The analyst indicated five distinct phases for Bitcoin – the bear market breakout, the first cycle breakdown recovery, the second early top, the time High (ATH) break and the cycle top phase.

Based on these phases, CryptoCon believes that Bitcoin has completed the third phase of its current market cycle which is the “second early top.” The analyst revealed that the cryptocurrency achieved this phase by crossing the red 0.99 value-line for the third time in March 2024 when Bitcoin rose to a new all-time high above $73,700.

CryptoCon noted that Bitcoin’s rise to the second early top phase suggests that the cryptocurrency’s recent price movements will not be able to firmly push it above new all-time highs. He highlighted that this significant move to rise above ATHs is expected to occur in phase four, where Bitcoin will hit its “all-time high break.”

BTC Nears Cycle Top With Two Phases Left

Looking ahead, CryptoCon has disclosed that despite Bitcoin’s rise to a second early top in March and its recent downward price movements, the cryptocurrency still has two phases left to witness the best price action in this market cycle. The analyst disclosed that the market has already hit critically low levels of RSI Bollinger % Bands, typically seen at each cycle bottom, and even the 2020 Bitcoin crash.

With just two phases left, Bitcoin could break into its highest level, potentially surpassing its initial $73,700 all-time high. In another insightful post, CryptoCon forecasts that Bitcoin could reach its anticipated cyclic top by April 2025.

Bitcoin price chart from Tradingview.com — BTC price retests $58,000 | Source: BTCUSD on Tradingview.com

Featured image created with Dall.E, chart from Tradingview.com

Scott Matherson

Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers.

Scott’s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott’s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life.

With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others.

Scott’s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott’s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry.

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Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies.

Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.

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