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CryptoCon, a popular technical analyst, highlights the potential for a Bitcoin cycle top, citing indicators such as the Directional Movement Index , which gauges an asset’s strength and direction while reducing potential false signals.
The analysts suggest that a cycle top could occur in two weeks or three months – around April and June this year.However, he notes that based on previous DMI signals, the final top has been reached twice in ten months. Therefore, a more likely timeframe for Bitcoin’s cycle top could be by December 2024.March 13, 2024, the investment vehicles saw a high of $1.05 billion, up 56% from $673 million on Feb. 28th.
A chart by Swissblok analyst and macro-economist Henrik Zeber shows that Bitcoin is facing a negative bearish divergence between BTC’s price netting new all-time highs and a waning relative strength index . “No moves without a counter-move. And a counter-move seems to be near.” Swissblock said in the Telegram update. “We see BTC dropping to ~58-59K in its next move.” This is a 20% correction from current prices.This foreshadows a price pullback as the RSI throws a waning momentum for Bitcoin. However, the analyst suggested that “the top is not in” – meaning that a 20% decline in BTC might pave the way for the cycle top CryptoCon referred to.One Weekly Email Can Change Your Crypto Life.
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