With the price of Bitcoin back above $100,000, there have been discussions about what could mark the top of the cycle for the major crypto company. Crypto analyst Tony Severino has provided some insight into this, indicating around the price target that could be considered the top of the market.
Possible cycle crop for the Bitcoin price
In the X postTony Severino suggested that the top of the cycle for the price of Bitcoin could be around $170,000. This came as he noted that a 90% increase could bring the major crypto to this price level. He said that it is at this stage that the bicycle tops can then be considered, indicating that the BTC top it would likely be around this range in this cycle.
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The crypto analyst also discussed current Bitcoin price action. He said that a mid-trend retracement could lead to a continuation of the uptrend. Severino added that Bitcoin exceeds $105,000 is getting interesting, suggesting that is where the major crypto company could see a parabolic rally to a new all-time high (ATH).
Severino mentioned the last time Bitcoin price got a false head to the lower band before moving to the upper band. He also said it was a 90% move from the low of the lower band to the local high. Therefore, this is why the analyst is confident that Bitcoin could see another 90% increase to the $170,000 target by the time cycling roof is inside.
Before this, the crypto analyst had also confirmed that the price of Bitcoin remains bullish because of the monthly stochastic oscillatorwhich is still above 80. The tool is used to measure momentum, and usually the indicator being above 80 suggests a strong upward trend. Historically, the monthly stochastic above 80 has also led to a continuation of the BTC rally.
Holding $100,000 because support is critical
In post X, Jelle crypto analyzer suggesting that Bitcoin price holding $100,000 as support is the next most important step to continue the upward trend. He noted that Bitcoin is pushing into the $100,000 resistance level, which is compatible with the local decline line as well.
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The crypto analyst said that he expects the price of Bitcoin to break in the near future. He also expects prices to be much higher once that happens. In another X post, Jelle mentioned it Bitcoin funding ratewhich is currently in the green. Accordingly, he said that the major crypto company would be running “red-hot” for weeks on end before this bull cycle was over.
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 by Dall.E, chart from Tradingview.com
