Bitcoin’s price action has analysts buzzing, with some suggesting the bull market might be nearing its end. Let’s dive into what some experts are saying.
A Red Flag for Bitcoin?
Crypto analyst Tony Severino points to the Bitcoin Percentage Price Oscillator (PPO). He says the weekly PPO just turned red after hitting the $102,000 mark. Severino previously warned that a red PPO often signals the end of a Bitcoin bull run. His theory? The price will keep climbing even after the PPO turns red, peaking before the red signal fades.
Another Indicator Weighs In: TD Sequential
Severino isn’t relying solely on the PPO. He also cites the TD Sequential indicator, suggesting a Bitcoin peak could happen as early as the first or second quarter of this year. He notes that BTC’s quarterly candlesticks are showing an 8-count, similar to the 2017 bull run’s end, which saw a perfected TD9 count. This historical parallel suggests a potential top by July. However, he acknowledges the possibility of the peak hitting as early as Q1, or even extending beyond Q2 if the TD8/9 setup fails. While a prolonged bull run without a significant correction seems unlikely, it’s not impossible.
Earlier Predictions and Trump’s Influence
Severino previously predicted a Bitcoin price peak below $150,000 as early as January 20th, linking it to Donald Trump’s inauguration and the market potentially already pricing in his pro-crypto stance.
Is the Correction Over? Other Analysts Weigh In
Despite Severino’s bearish signals, other analysts are more optimistic. Several believe Bitcoin’s downtrend might be over, especially since it’s back above $100,000.
- One analyst, Titan of Crypto, sees an imminent Bitcoin price increase, suggesting a 7-week consolidation period may be ending.
- Mikybull Crypto agrees, stating that Bitcoin has flipped bullish after breaking above $100,000, invalidating previous bearish predictions. He anticipates a sustained rally towards a cycle top.
At the time of writing, Bitcoin is trading around $101,677, up over 2% in the last 24 hours.
