Historically accurate Bitcoin metric nears the next 'potential' price peak
June 4, 2021. Summarized by summa-bot.
Compression ratio: 44.8%. 1 min read.
A Bitcoin price indicator may end up calling a new BTC price peak cycle.
Bitcoin (BTC) losing over 50% in a month may have a big silver lining as lower prices set up a classic bull flag.
On June 3, Philip Swift, creator of the Pi Cycle Top indicator, said that this year could still see a major Bitcoin price high.
This provides a firm counterpoint to short-term price action, amid fears that a so-called “death cross” of two other moving averages may cause pain in the coming weeks.
Last week, analyst filbfilb, who together with Swift heads trading suite Decentrader, laid out the potential for significant moves up or down for BTC/USD.
"Price action is some way from the 20 Week Moving Average (WMA) which is typically the line between Bitcoin being either in a bull or bear market and as such remains a bearish scenario for Bitcoin," he wrote.