Crypto analyst Tony Severino has revealed that the Bitcoin Percentage Price Oscillator (PPO) has turned red after reaching $102,000. He further explained what this development means for the leading crypto brand in relation to the ongoing bull market.
Bitcoin's weekly PPO turns red at $102,000
In the X postSeverino revealed that the weekly Bitcoin PPO just turned red after reaching $102,000. The analysis previously mentioned that when the weekly PPO turns red, the end is near Bitcoin bull run. He warned back then that this signal could be pointing to the top soon.
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As for how this is the top of the market This could happen now, the crypto analyst explained that the price of Bitcoin will go up once the red ticks start, and the market will have gone up before the red tick runs a – out
Severino also pointed out the TD Sequential as another sign that suggests that the Bitcoin peak could happen as soon as the first or second quarter of this year. He noted that BTCUSD's quarterly candles have counted 8. The analyst also revealed that a complete TD9 count ended the 2017 bull run.
Therefore, if history repeats itself, the price of Bitcoin could increase in July. However, the analyst still believes that the top could occur as early as Q1, noting that it is not uncommon for this peak to occur on the 8th candle in the series. He also raised the possibility of Bitcoin's bull market extending beyond Q2, saying that the TD8/9 setups could fail.
However, Severino said that it seems unlikely that Bitcoin will continue to move higher for multiple quarters without a more significant correction. The crypto analyst also previously predicted that the The price of Bitcoin could go up below $150,000 as early as January 20. He explained that the inauguration of Donald Trump may be the new paradigm that will cause this cyclical peak. He made this prediction based on the fact that the market may have already priced into Trump's pro-crypto moves.
Bitcoin price correction nears end
In the meantime, crypto analysts have suggested that the Bitcoin decline may be close to ending, especially with the major crypto back above $100,000. In post X, crypto analyst Titan of Crypto announced that a Bitcoin token is imminent. This came as he said the 7-week consolidation for BTC could be nearing its end.
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Crypto analyst Mikybull Crypto also suggested that Bitcoin has moved again. He said that the bears were no longer in control after Bitcoin's rise above $100,000, invalidating a bearish position. With the major crypto symbol back above this price level, the crypto analyst expected it to be ready for a sustained rally to the top of the cycle.
At the time of writing, the price of Bitcoin is trading at around $101,677, up more than 2% in the last 24 hours, according to data from CoinMarketCap.
Featured image created by Dall.E, chart from Tradingview.com
