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A closely followed crypto analyst says that a price correction for Bitcoin in the coming weeks could be beneficial for BTC‘s bull market.
In a new video update, pseudonymous crypto strategist Rekt Capital takes a look at the Pi Cycle Top Indicator, which uses two moving averages and their crossovers to forecast market cycle peaks for Bitcoin.
The trader tells his 100,000 YouTube subscribers that Bitcoin has moved so fast in recent months that the Pi Cycle Top’s 111-Day Moving Average (DMA) is now threatening to cross above its 350 DMA X2, thus creating a bearish crossover and marking a cycle top.
Source: Rekt Capital/YouTube
Rekt Capital says that a correction for BTC in the coming weeks is not only likely but would help prolong the bull market and potentially raise the target.
“At this point in time, because of the uptrend, we are accelerating slightly when it comes to a potential future bull market peak by a few months, and this perspective is suggesting that mid-July would be the earliest.
So if we’re talking about late May [or] early June, even that early perspective… [is] showcasing how potentially overly extended this current rally is right now and a future price discovery correction is going to be in the cards.
History is suggesting that it’s still a few weeks away so this price cycle moving average is probably going to continue climbing up which is only going to continue to distort this future bearish crossover.”
Bitcoin is trading for $96,329 at time of writing, a 2.41% increase during the last 24 hours.
Generated Image: Midjourney
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