BTC price inches from new surge at $71k – Bitcoin Pi cycle high metric
Bitcoin (BTC) is witnessing a classic breakout from the 2017 and 2021 all-time highs.
In an April 12 X post, popular trader Jelle signaled a key breakout due to Bitcoin's Pi Cycle Top indicator.
Bitcoin Pi cycle high crash closes solidly.
Pi Cycle Top is a classic Bitcoin bull market watch tool. Consisting of two moving averages, the macro for BTC price action has consistently presented higher signals.
Now, Jelle notes, the price is narrowing under the indicator's longer-term trend line — a 2X multiple of its 350-day moving average, currently at $76,000, according to on-chain analytics firm Glassnode.
“Once Bitcoin breaks the P cycle moving average – all bets are off,” he wrote in an accompanying commentary.
“It's consolidating underneath it right now — just like it did in 2020.”
The Pi Cycle Top measures the moving average with its short-term 111-day counterpart. When the latter crosses the former, macrotops occur.
BTC price consolidation well within historical norms
As Cointelegraph continues to report, BTC/USD has spent several weeks hovering around the all-time high of $69,000 set in November 2021.
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While such price action has unsettled some market participants, others, including Gel, see it as healthy behavior around a critical psychological line in the sand.
In both In 2017 and 2020, Bitcoin made similar moves, consolidating to all-time highs for 50 days and 2021 days, respectively.
“We are currently sitting on a 37-day consolidation, which is an all-time high,” wrote fellow trader Dan CryptoTrades in part of a recent X post on the topic.
Next, Jelle recently set a BTC price target above $80,000.
“This ascending triangle has a target of $82,000,” he explained, along with a chart showing the current market structure.
“I doubt bears can defend $71,500 for long. Bring on the discovery of value.
This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.
