Bitcoin (BTC) is poised for a breakout similar to the ones that occurred before its all-time highs in 2017 and 2021, according to popular trader Jelle. In a post on April 12, Jelle highlighted a crucial crossover on Bitcoin’s Pi Cycle Top indicator. The Pi Cycle Top is a well-known tool used to observe Bitcoin’s bull market. It consists of two moving averages and has consistently signaled major market tops for BTC price action. Jelle noted that the price is currently coiling beneath the indicator’s longer-term trendline, which is the 2X multiple of the 350-day moving average, currently at $76,000, according to on-chain analytics firm Glassnode. He stated that “once Bitcoin breaks the Pi Cycle moving average, all bets are off.” The Pi Cycle Top measures the crossing of Bitcoin’s shorter-term 111-day moving average with its longer-term moving average. Historically, BTC/USD has spent several weeks consolidating around its previous all-time highs of $69,000, which were set in November 2021. While this price action has worried some market participants, others, including Jelle, see it as a healthy behavior around a critical psychological level. Bitcoin has previously consolidated at its all-time highs for 50 days in 2017 and 2020. Currently, it has been consolidating for 37 days around the previous all-time high. Jelle has a short-term price target of over $80,000 for Bitcoin and has identified an ascending triangle pattern with a target of $82,000. It is important to note that this article does not provide investment advice or recommendations, and readers should conduct their own research before making any decisions.
Bitcoin Pi Cycle Top metric indicates BTC price on the verge of $71K surge