Bitcoin indicator shows that “the best price action is yet to come”

Bitcoin BTC/USD According to a prominent technical analyst, the 17% monthly decline does not mean that a new all-time high is not in sight.

What happened: Bitcoin Technical Analyst CryptoCon found that the Bitcoin RSI Bollinger Band % phases are the most accurate in judging a true cycle top in price. Historically, this indicator has been able to correctly identify the double tops in April 2013 and 2021.

Currently, the indicator shows that Bitcoin has completed Phase 3, but new all-time highs in Bitcoin would normally be reached after Phase 4.

The analyst concluded, “There are still 2 more phases and the majority of the best price action in this cycle ahead of us!” He further revealed that in the last cycle, he bought all of his Bitcoins under $10,000 and sold them all for $54,000 in April 2021. And currently, he has been investing in Bitcoin since it hit $16,500 in November 2022.

Also read: Bitcoin should ‘close a monthly candle above $73,000’ to invalidate the sell signal, says trader

Why it is important: Data from IntoTheBlock shows that the number of daily active Bitcoin addresses increased by 2.6%, while exchange net flows increased by 163.9%.

Following the release of producer price inflation data today, crypto traders Satoshi Flipper highlighted that the probability of a rate cut in September rose from 90.7% to 98.1%, a sign interpreted by traders as optimistic.

What’s next: Bitcoin’s impact as an institutional asset class is expected to be examined in detail at Benzinga’s upcoming Future of Digital Assets event on November 19.

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This content was created in part using AI tools and reviewed and published by Benzinga editors.

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