Bitcoin has been experiencing prolonged sideways movement over the past six months, leaving many to question whether the cryptocurrency can once again achieve significant gains.
Despite these doubts, historical cycles suggest that a substantial price surge may be on the horizon, with projections indicating a possible peak around $107,558 by the end of 2024 or early 2025.
Bitcoin’s price behaviour has often followed distinct cycles, with major price movements frequently aligning with key technical indicators. The Pi Cycle Top indicator, which has accurately marked previous peaks in Bitcoin’s history, currently targets a price level of $107,558.
This projection aligns with Bitcoin’s historical patterns, where significant price surges occur after a mid-top formation, typically around December or January following a “Red Year.”
A crucial element in Bitcoin’s price analysis is the Gaussian Support, a moving average that has consistently acted as a support level during market corrections. Bitcoin’s price recently bounced off this support level for the second time in the current cycle, echoing similar movements observed in previous cycles.
This support level, often retested after mid-top formations, has proven to be a reliable indicator of potential price rebounds.
The Pi Cycle Top indicator, which utilizes the 350 DMA*2, suggests a potential top at $107,558 by December 2024 or January 2025. This projection is based on the historical timing of Bitcoin touching the green 350 DMA*2 for the second time in a cycle, which has consistently occurred in the December-January timeframe.
This indicator has been instrumental in forecasting significant price levels in past cycles, and its current projection points to a substantial increase in Bitcoin’s price in the coming months.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
