Bitcoins price retains from 10% highs and is yet rolling back from the rejection above $60,000. The withdrawal made the two crucial long-term moving averages to come dangerously close to death-crossing, that when crossed in the past have signalled that the top is in for the bull market.
The prominent cryptocurrency by market cap couldn’t maintain buying above the rounded number more than three times the former peak set in 2017, and has since come crashing back down by as much as 10% so far.
This article sheds light on when it might happen, and how many days are left roughly to bid the highest value for your coins at the highest profit if the indication is correct. If this assumption fails Bitcoin price could be on the verge to break the records and move towards an uptrend unlike never before.
Arguments have already begun whether or not the top of the bull market is close, or it is already in at this point. Adding more relevance to these bearish takes, is the certainty that the 111 day moving average is only 3.6% away from the “2X 350 day MA,” and in the past the rhythmic has called “tops pretty well.”
According a crypto analyst who discovered the recurrence, when this behavior occurs on PositiveCrypto’s “Pi Cycle Top Indicator” it typically has appeared within four to ten days from the top of each bullish impulse.
The result of the bull run came barely one day before the cross took place in the year 2017. Metric reaching 3.6% distance only ten days before. Both times in 2013, 3.6% distance was attained within a week from the top, and the top was within a week from the crossover one way or another.
There was an exception during 2011, the cross arrived 40 days ahead of the peak. This time around, the two moving averages merely just reached the critical 3.6% distance.
Does that spark the news that a peak is near? Or could the bull market be so strong, as if the cryptocurrency is back at its early days of price discovery and the early 2011 irregularity is the more accurate direct comparison?