Crypto expert Tony Severino shared that the Bitcoin Price Momentum Oscillator (PMO), which had recently hit $102,000, has now shifted to a red color. He went on to discuss the potential implications of this change for Bitcoin within the current bull market trend.
Bitcoin’s Weekly PPO Turns Red At $102,000
In a recent post, Severino disclosed that the Bitcoin weekly PPO has shifted from green to red upon reaching $102,000. Earlier in my analysis, I had pointed out that when the weekly PPO turns red, it might signal the end of Bitcoin’s bullish trend. At that time, I cautioned that this particular indicator could be signaling a peak approaching.
In simpler terms, the crypto analyst suggested that a market peak might occur prior to the red trend line ending, as the Bitcoin price is expected to continue rising when the red declines start appearing.
Additionally, Severino pointed out another predictive tool known as the TD Sequential indicator. This signal may indicate that the peak for Bitcoin could happen within the first or second quarter of this year. He explained that the BTCUSD’s quarterly candlesticks are currently at an 8-count. Previously, a complete TD9 count signaled the end of the 2017 bull market.
If history tends to repeat itself, there’s a chance that the price of Bitcoin might reach its peak by July. However, some analysts predict that this peak could occur as early as the first quarter, given that it isn’t unusual for such peaks to happen on the 8th candlestick in a sequence. Moreover, they suggest that the Bitcoin bull market might continue past Q2, implying that the TD8/9 setups may not always hold true.
In a recent statement, Severino expressed doubt about Bitcoin’s continuous upward trend for several more quarters without a significant pullback. Previously, this crypto analyst had forecasted that the Bitcoin price might fall short of $150,000 by as early as January 20. He reasoned that Donald Trump’s inauguration could mark the start of a new cycle leading to this potential peak. This prediction is based on the possibility that the market has already accounted for Trump’s pro-crypto initiatives.
Bitcoin Price Correction Nearing Its End
At present, crypto experts believe that the downtrend in Bitcoin could be coming to an end soon, given that it has surpassed the $100,000 mark once more. In a recent post on X, renowned crypto analyst Titan of Crypto hinted at an upcoming increase in Bitcoin’s value. This prediction stems from his observation that the 7-week period of consolidation for Bitcoin might be wrapping up.
According to crypto expert Mikybull Crypto, Bitcoin has switched to a bullish trend once more. He noted that the downward pressure exerted by the bears had lessened after Bitcoin surpassed $100,000, effectively canceling out the bearish pattern. With Bitcoin now above this price mark again, this crypto analyst anticipates a prolonged rally towards a peak in its cycle.
Currently, as I’m typing this, Bitcoin’s value is approximately $101,677, representing a rise of more than 2% within the past day, based on data from CoinMarketCap.
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2025-01-07 18:04