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Bitcoin BTC BTCUSD

This Bitcoin “Heatmap” Suggests A Blazing Cycle Peak Is Still Ahead

Tony Spilotro by Tony Spilotro
11 months ago
in Bitcoin
Reading Time: 3 mins read
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Up until the recent recovery, Bitcoin appeared headed for a bear market. The market seemed convinced a peak occurred back in November, and that would be it for some time.

However, a “heatmap” of the 200-week moving average might indicate that the top cryptocurrency still has a cycle peak ahead – and will go out with a blaze of glory.

Bitcoin Bull Run Embers Could Ignite Into New Flames

To many investors who were expecting Bitcoin price to be at $100,000 or more to close last year, the number one cryptocurrency by market cap has come up significantly short. The once widely cited stock-to-flow model that helped convince the community such prices were a given, is all but an afterthought.

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However, one of the charts created by the model’s creator still points to a peak ahead. The 200-week moving average “heatmap” is a slightly modified version of the same chart Plan B has shared in the past, according to LookIntoBitcoin.

Bitcoin 200-week moving average heatmap LookIntoBitcoin

Until Bitcoin gets red hot, a cycle peak might still be ahead | Source: LookIntoBitcoin

The color of the heatmap changes depending on how far price has increased percentage-wise compared to its 200-week moving average. Interestingly, the 200-week moving average has acted as the Bitcoin bottom historically since its inception, further highlighting its importance.

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Related Reading | Why Has Bitcoin Futures Open Interest Flatlined? Factors

In theory, the closer BTC gets to the 200-week moving average the closer we are to a bottom, and the further way from the average pinpoints the cycle top. The tool also makes it abundantly clear that Bitcoin price has yet to increase enough to create the conditions around past cycle peaks.

Crypto Cycle Peak, Or Deep Plunge Into Despair?

Upon further inspection using another alternative version of the tool available on TradingView, the proximity between the 200-week moving average and the current price action has yet to achieve the same distance gap as the 2017 cycle peak.

Bitcoin 200-week moving average heatmap TradingView

A closer look at the 200-week moving average heatmap | Source: BTCUSD on TradingView.com

The 200-week moving average here is especially important, because not only could it hint that the cycle peak be ahead, it also could be a logical place to buy BTC if prices reverse back down to additional lows.

Related Reading | Bitcoin Almost Hits $44,000 With Terra $125 Million BTC Purchase Tempo Up

Without a plunge to a potential bottom at the 200-week moving average, the path of least resistance would be up, creating the possibility of a final impulse and a cycle peak. Does Bitcoin still have a blaze of glory ahead?

Follow @TonySpilotroBTC on Twitter or join the TonyTradesBTC Telegram for exclusive daily market insights and technical analysis education. Please note: Content is educational and should not be considered investment advice.

Featured image from iStockPhoto, Charts from TradingView.com
Tags: bitcoinbtcbtcusdBTCUSDTcryptoxbtxbtusd
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a global remote work leader with a decade of award-winning content experience and excellence. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter at @tonyspilotroBTC and feel free to drop me a line if you would like to work together.

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