Bitcoin reached a record high above $73,000 in March, leading to discussions among experts about whether it has reached its peak for this cycle. However, a crypto analyst has analyzed Bitcoin’s recent price movements and future prospects, suggesting that the cryptocurrency still has room to grow.
The analyst, known as ‘CryptoCon,’ shared insights on Bitcoin’s price trends based on the Relative Strength Index (RSI) Bollinger Band % phases. These indicators have accurately pinpointed true cycle tops for Bitcoin in the past.
The RSI Bollinger % Band is a technical tool that confirms trend strength and direction. CryptoCon highlighted key phases in Bitcoin’s historical price movements, indicating that the cryptocurrency has completed the “second early top” phase in its current market cycle.
Despite recent price fluctuations, CryptoCon believes that Bitcoin still has two phases left before reaching its peak in this cycle. The market has seen low levels of RSI Bollinger % Bands, similar to previous cycle bottoms and the 2020 crash.
Looking ahead, Bitcoin could potentially surpass its previous all-time high and reach its anticipated cycle top by April 2025. The analyst’s analysis suggests that Bitcoin still has room for growth in the coming years.