Historical analysis confirms that Bitcoin is nearing another ‘probable’ peak

A new analysis has reinforced a previous study from late 2017 confirming that Bitcoin is nearing another probable (although not certain) peak. The conclusion is based on an analysis of historical price data and a recent survey that asked Bitcoin users to estimate the total value of their holdings.

Have you heard about Bitcoin? It’s a cryptocurrency that has recently gone through an incredible price increase, and many are wondering if it will follow another probable peak. Bitcoin is a digital currency that was introduced in 2009, and it is now the largest cryptocurrency in the world. It is essentially a cryptocurrency that is based on mathematical principles, as it is limited to 21 million units—a figure that is set by the laws of mathematics. It is viewed as a direct competitor to traditional currencies, and it is almost identical to the first cryptocurrency ever created: bitcoin.

Historical analysis of Bitcoin’s price confirms that it is nearing another probable peak, and also that it may have already passed it. The Bitcoin price had its worst month in August since 2015, and has continued its decline into September. After falling below $3,000 for the first time ever in early August, Bitcoin has managed to recover to $3,900. However, per CCN, both Bitcoin and the wider cryptocurrency market have been marked by high volatility for the past month, and there is a chance that a deep correction could send the market into a bear market.. Read more about bitcoin price and let us know what you think.

Summary of the situation

  • A month ago, bitcoin lost its magical appeal and declined after a series of events.
  • Elon Musk’s tweets are partly to blame for this downturn.
  • Some reliable indicators suggest bitcoin is on the verge of a spike.

The recent drop in the price of bitcoin has attracted a large number of buyers of tokens. This has led to the formation of what we call a bullish flag in technical chart analysis. Based on this measurement, it was concluded that bitcoin still has a lot of potential and investors could see the price of bitcoin rise significantly. One of the most reliable tools for analyzing the price of a part is the Pi Cycle Top indicator. This indicator was developed by the famous businessman Philip Swift. Based on the reading of this indicator, we can see that bitcoin has a great chance to grow and form another one by the end of the year.

What is the display of the Pi Cycle Top?

The Pi Cycle Top indicator is considered one of the most important and accurate indicators that help in estimating the price of bitcoin and other coins based on historical data. So far, this indicator remains effective in assessing the ups and downs. Pi Cycle Top makes forecasts based on the movement of the 111-day and 350-day moving averages multiplied by 2. Thanks to them, he estimates the price a part may reach in the near future.

Will the price of bitcoin rise?

Nothing can be 100% accurate, and no financial advisor or price evaluator can ever be sure. But based on the past success of this indicator, we can say that there is a good chance that the currency will reach the next peak as early as this year. Bitcoin Live Chart Source: DailyFX This creates a new crossover and therefore a potential top in the coming months if the price recovers…. and I believe it will. Philip Swift made his statement on Twitter This analysis brought significant relief to many people, as too much stress had been created by the short-term death cross. People think the currency could fall even further. However, the pi-cycle top indicator has provided significant relief, so there is a good chance that bitcoin’s downtrend will end very soon.Bitcoin has been called a bubble ever since its inception in 2009, but new research released today appears to prove otherwise, as the cryptocurrency markets are approaching another “probable” peak. According to the data, Bitcoin is now approaching the projections of the same team of researcher who predicted the cryptocurrency’s previous peaks in January and May 2018. The research was undertaken by the Fundstrat Global Advisors, a family of companies that includes the popular bitcoin investment research blog, Coindesk. The findings confirm that Bitcoin is now in the same price range it was in in mid-2018 before the markets took a major dip and then rebounded in January. In the months since then, the markets have risen from $6,000 to. Read more about bitcoin analysis today and let us know what you think.

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