In March, Bitcoin reached a record high of over $73,000, igniting discussions among industry observers and experts about whether the digital currency has reached its peak in this market cycle. However, a detailed examination by a crypto analyst suggests that Bitcoin still holds significant potential for further growth. The analyst, known as ‘CryptoCon,’ recently shared insights on Bitcoin’s price trends and future prospects based on the Relative Strength Index (RSI) Bollinger Band % phases.
CryptoCon highlighted the significance of RSI Bollinger % Band phases in accurately identifying true cycle tops for Bitcoin’s price movements. This unique technical tool helps confirm the strength of a trend and determine the direction of the current market trend. By analyzing historical price data from 2010 to 2015, CryptoCon identified five key phases for Bitcoin, including the bear market breakout, the first cycle breakdown recovery, the second early top, the all-time high (ATH) break, and the cycle top phase.
Based on the analysis of these phases, CryptoCon believes that Bitcoin has recently completed the third phase of its current market cycle, known as the “second early top.” This milestone was achieved when Bitcoin reached a new all-time high above $73,700 in March 2024. Despite the subsequent downward price movements, CryptoCon remains optimistic about Bitcoin’s future performance and expects the cryptocurrency to surpass its previous all-time high in the upcoming fourth phase, the “all-time high break.”
Looking ahead, CryptoCon has pointed out that Bitcoin still has two phases left to witness the most significant price action in this market cycle. The analyst noted that the market has already reached critical levels of RSI Bollinger % Bands, typically associated with cycle bottoms and major market corrections, such as the 2020 Bitcoin crash. With just two phases remaining, Bitcoin could potentially break into new price territory, exceeding the previous all-time high of $73,700.
The analysis of Bitcoin’s recent price movements indicates that the cryptocurrency still holds significant upside momentum. Despite reaching a second early top in March, Bitcoin has the potential to exceed its previous all-time high and continue its upward trajectory in the coming phases of the market cycle. It is essential for investors and market participants to closely monitor these developments and adjust their strategies accordingly to capitalize on potential opportunities in the ever-evolving cryptocurrency market.