{"id":266609,"date":"2021-06-04T15:05:27","date_gmt":"2021-06-04T12:05:27","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/historically-accurate-bitcoin-metric-nears-the-next-potential-price-peak\/"},"modified":"2021-06-04T15:05:27","modified_gmt":"2021-06-04T12:05:27","slug":"historically-accurate-bitcoin-metric-nears-the-next-potential-price-peak","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/historically-accurate-bitcoin-metric-nears-the-next-potential-price-peak\/","title":{"rendered":"# Historically accurate Bitcoin metric nears the next &#8216;potential&#8217; price peak"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3c5648bc469\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3c5648bc469\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/historically-accurate-bitcoin-metric-nears-the-next-potential-price-peak\/#BTC_price_drops_saving_grace\" >BTC price drop&#8217;s saving grace?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/historically-accurate-bitcoin-metric-nears-the-next-potential-price-peak\/#Bitcoin_price_bottom_close\" >Bitcoin price bottom close?<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># Historically accurate Bitcoin metric nears the next &#8216;potential&#8217; price peak <\/strong>&#8221;<\/p>\n<div class=\"post-content\" data-v-5a136f3a>Bitcoin (BTC) losing over 50% in a month may have a big silver lining as lower prices set up a classic bull flag.<\/p>\n<p>On June 3, Philip Swift, creator of the Pi Cycle Top indicator, said that this year could still see a major Bitcoin price high. <\/p>\n<h2><span class=\"ez-toc-section\" id=\"BTC_price_drops_saving_grace\"><\/span>BTC price drop&#8217;s saving grace?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Pi Cycle Top uses two moving averages \u2014 the 111-day and the 350-day multiplied by 2 \u2014 to determine likely market tops with an error range of just three days. <\/p>\n<p>It has proven <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.fxstreet.com\/cryptocurrencies\/news\/bitcoin-price-is-close-to-a-market-top-suggest-accurate-technical-indicator-202102062141\">extremely accurate<\/a>, and current conditions are setting up a crossover from the two averages which suggests a return to bullishness.<\/p>\n<p>\u201cThe 111dma (orange line) continues to rapidly drop below the 350dma x 2 (green line),\u201d Swift <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/PositiveCrypto\/status\/1400476876808896518\">commented<\/a> on <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Twitter<\/a>. <\/p>\n<blockquote><p>\u201cThis is setting up another cross, and therefore potential high, in the coming months once price starts trending back up&#8230;which I believe it will.\u201d<\/p><\/blockquote>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-06\/721c8f57-ac35-424e-b714-c9eb90cb4422.png\"><figcaption style=\"text-align: center;\"><em>Bitcoin Pi Cycle Top chart. Source: LookIntoBitcoin.com<\/em><\/figcaption><\/figure>\n<h2><span class=\"ez-toc-section\" id=\"Bitcoin_price_bottom_close\"><\/span>Bitcoin price bottom close?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>This provides a firm counterpoint to short-term price action, amid fears that a so-called \u201cdeath cross\u201d of two other moving averages may cause pain in the coming weeks. <\/p>\n<p>Last week, analyst filbfilb, who together with Swift heads trading suite Decentrader, laid out the potential for significant moves up or down for BTC\/USD.<\/p>\n<p>&#8220;Price action is some way from the 20 Week Moving Average (WMA) which is typically the line between Bitcoin being either in a bull or bear market and as such remains a bearish scenario for Bitcoin,&#8221; he wrote.<\/p>\n<blockquote><p>&#8220;Should Bitcoin find sufficient demand in the low 30s, the 20 WMA would be expected to act as resistance. A drop lower would likely make the low $20s or the 78.6% retracement a likely target. As such, price action over the next week particularly important.&#8221;<\/p><\/blockquote>\n<p>As Cointelegraph reported, however, consensus is building that a local bottom has formed at $36,000 for BTC\/USD. This was predicted even before the latest drama involving Elon Musk.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/historically-accurate-bitcoin-metric-nears-the-next-potential-price-peak\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Historically accurate Bitcoin metric nears the next &#8216;potential&#8217; price peak &#8221; Bitcoin (BTC) losing over 50% in a month may have a big silver lining as lower prices set up a classic bull flag. On June 3, Philip Swift, creator of the Pi Cycle Top indicator, said that this year could still see a&#8230;<\/p>\n","protected":false},"author":1,"featured_media":266610,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMDYvYjA2OGFkZDQtOTJmYS00MmE3LWFmNzAtNzRiZjE5NzM2ZmRmLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,74937,73785],"class_list":["post-266609","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-bitcoin-price","tag-markets"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/266609","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=266609"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/266609\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/266610"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=266609"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=266609"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=266609"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}