Bitcoin Surges Past $100,000: Is a $170,000 Cycle Top on the Horizon?

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Discussions are ongoing about when the peak of the Bitcoin market might occur, now that its price surpassed $100,000 once more. Cryptocurrency expert Tony Severino offers valuable input on this topic by suggesting a potential price level that may indicate the market top.

Potential Cycle Top For The Bitcoin Price

In Tony Severino’s recent post on X, he proposed an estimated peak for Bitcoin’s price at approximately $170,000. This prediction is based on a potential 90% increase in the cryptocurrency’s value. He further mentioned that such a high point would signal the top of this particular cycle, suggesting that the current cycle’s maximum for Bitcoin could be within this range.

The crypto analyst also delved into the recent movements in Bitcoin’s price. He opined that a compression within the current trend might trigger an extension of the upward trajectory. Severino further noted that when Bitcoin surpasses $105,000, it becomes intriguing, implying this could be where we see an explosive surge towards a fresh high (ATH), marking a new record.

Severino hinted at a previous instance when the price of Bitcoin briefly dipped towards its lower limit, only to later climb to its upper limit. He also pointed out that the move from the lowest point at the lower limit to the local peak represented an approximately 90% increase. Therefore, based on this pattern, Severino is optimistic that Bitcoin might experience another potential 90% rise, reaching a target of $170,000, before the peak of the cycle is reached.

Previously, the crypto analyst had expressed confidence that Bitcoin’s price trend remains bullish, attributing this to the monthly stochastic oscillator remaining above 80. This technical tool is utilized to gauge momentum, and when it’s above 80, it usually indicates robust upward movement. In the past, such a high monthly stochastic reading has often signaled a prolonged BTC price increase.

Holding $100,000 As Support Is Crucial

In a recent post on X, cryptocurrency expert Jelle proposes that the Bitcoin price maintaining its position at $100,000 serves as a critical milestone for the ongoing upward trajectory. He points out that Bitcoin is currently approaching the resistance level of $100,000, which coincides with the local bearish trendline as well.

The cryptocurrency expert noted that a significant increase in Bitcoin’s price might occur imminently. Furthermore, he suggested that prices could reach unprecedented levels following the breakout. In another post, Jelle hinted at Bitcoin’s funding rate, which is presently positive. Consequently, he expressed his belief that Bitcoin would maintain an intense bullish trend for several weeks before the current bull cycle concludes.

Currently, as I’m typing this, Bitcoin’s value is approximately $99,700 per unit. In the past 24 hours, it has increased by more than 2%. This information is derived from market data provided by CoinMarketCap.

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2025-01-16 17:32