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Bitcoin’s (CRYPTO: BTC) monthly drop of 17% does not mean a new all-time high is not on the horizon, according to a prominent technical analyst.
What Happened: Bitcoin technical analyst CryptoCon noted that the Bitcoin RSI Bollinger Band % phases are the most accurate to judge a true cycle top in price. Historically, this indicator was able to correctly identify the April double tops in 2013 and 2021.
Currently, the indicator shows Bitcoin having completed phase 3 but new Bitcoin all-time highs would usually happen after Phase 4.
The analyst concluded, "2 more phases and most of the best price action still left to go this cycle!" He further revealed that in the last cycle, he purchased all his Bitcoin below $10,000 and sold it all at $54,000 in April 2021. And currently, he has invested in Bitcoin since it was at $16,500 in November 2022.
Also Read: Bitcoin Should ‘Close A Monthly Candle Above $73,000’ To Invalidate Sell Signal, Says Trader
Why It Matters: IntoTheBlock data shows Bitcoin's daily active addresses increasing by 2.6%, while exchanges netflows rose by 163.9%.
After the Producer Price Inflation data release today, crypto trader Satoshi Flipper highlighted that the odds for a September rate cut went from 90.7% to 98.1%., a sign that is interpreted as bullish by traders.
What’s Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
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This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Image: Shutterstock
Posted In: $BTC
