Bitcoin Price Above $100,000 Renews Hope, Analyst Reveals The Cycle Top
Bitcoin Price Above $100,000 Renews Hope, Analyst Reveals The Cycle Top With the Bitcoin price back above $100,000, there have been discussions about what could mark the cycle top for the flagship crypto. Crypto analyst Tony Severino has provided some insights on this, revealing around what price target the market top could be considered. Potential Cycle Top For The Bitcoin Price In an X post, Tony Severino suggested that the cycle top for the Bitcoin price could be around $170,000. This came as he noted that a 90% surge could take the flagship crypto to this price level. He added that it is at this level that the cycle tops can then be considered, indicating that the BTC top in this cycle would likely be around this range. Source: XThe crypto analyst also discussed the current Bitcoin price action. He remarked that a mid-trend re-squeeze can lead to a continuation of the uptrend. Severino added that Bitcoin above $105,000 gets interesting, suggesting that is where the flagship crypto could witness a parabolic rally to a new all-time high (ATH). Severino alluded to the last time the Bitcoin price got a head fake to the lower band before moving to the upper band. He further remarked that from the wick low at the lower band to the local high was a 90% move. As such, this is why the analyst is confident that Bitcoin could witness another 90% surge to the $170,000 target before the cycle top is in. Before now, the crypto analyst had also assured that the Bitcoin price is still bullish because of the monthly stochastic oscillator, which is still above 80. The tool is used to measure momentum, and the indicator being above 80 typically suggests strong upward momentum. Historically, the monthly stochastic being above 80 has also led to a continuation of the BTC rally. Holding $100,000 As Support Is Crucial In an X post, crypto analyst Jelle suggested that the Bitcoin price holding $100,000 as support is the next most crucial step for a continuation of the upward trend. He noted that Bitcoin is pushing into the $100,000 resistance level, which lines up with the local downtrend line as well. Source: XThe crypto analyst remarked that he expects a Bitcoin price breakout soon. He also predicts there will be much higher prices once that happens. In another X post, Jelle alluded to Bitcoin’s funding rate, which is currently in the green. In line with this, he asserted that the flagship crypto would run “red-hot” for weeks on end before this bull cycle is over. Source: XAt the time of writing, the Bitcoin price is trading at around $99,700, up over 2% in the last 24 hours, according to data from CoinMarketCap. BTC price shows strength above $99,000 | Source: BTCUSD on Tradingview.comFeatured image created with Dall.E, chart from Tradingview.com Scott Matherson Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers. Scott’s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott’s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life. With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott’s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott’s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society. Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.