With Bitcoin’s price above $100,000, there have been discussions about what could mark the top of the cycle for the flagship crypto. Crypto Analyst Tony Severino has provided some insight on this, explaining what price target can be considered the top of the market.
Potential cycle tops for Bitcoin price
in one X postTony Severino suggested that the cycle peak for Bitcoin’s price could be around $170,000. This came as he noted that a 90% increase could take the flagship crypto to this price level. He added that it is at this level that the bicycle peak can then be considered, indicating that BTC peak This cycle will likely be around this range.
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The crypto analyst also discussed the current Bitcoin price action. He commented that a mid-trend retracement can sustain the uptrend. Severino added this Bitcoin above $105,000 Gets interesting, suggesting that this is where the flagship crypto may witness a parabolic rally to a new all-time high (ATH).
Severino last indicated that the price of Bitcoin was headed for the lower band before moving to the upper band. He further commented that there was a 90% move from the candle to the local high on the lower band. Thus, this is the reason why the analyst is confident that Bitcoin can see another increase of 90% before the target of $170,000. bicycle top is in
Before now, crypto analysts also assured that Bitcoin price is still bullish as Monthly Stochastic OscillatorWhich is still above 80. The tool is used to measure momentum, and an indicator above 80 usually suggests strong upward movement. Historically, the monthly stochastic above 80 has also sustained BTC’s rally.
Handling $100,000 because support is important
In an X post, Crypto analyzer jail suggested that the Bitcoin price holding $100,000 as support is the next most important step to continue the uptrend. He noted that Bitcoin is pushing towards the $100,000 resistance level, which also lines up with the local downtrend line.
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The crypto analyst commented that he expects a Bitcoin price breakout soon. He also predicts that prices will be much higher if that happens. In another X post, Jelle hinted Bitcoin funding ratewhich is currently in green. Accordingly, he asserted that the flagship crypto will run “red-hot” for weeks before this bull cycle ends.
At the time of writing, the price of Bitcoin is trading at around $99,700, up more than 2% in the last 24 hours, according to data From CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com
