Rekt Capital’s analysis suggests that while Bitcoin is far from reaching the $96,000 mark, historical patterns predict that it will eventually approach and possibly exceed this level, leading to a short-lived period of rapid price increase.“[We are] nowhere close to this green moving average because it resides at around $96k, so we’re still almost $30k away from this region […] once we break beyond $96k we have to understand that the clock is starting to then start ticking really for the end of the ball run and we might have have a a window of just a few months where Bitcoin will be rallying uninterruptedly with of course pullbacks,” the analyst explained.
Looking ahead, Rekt Capital emphasized the importance of monitoring the convergence of these two moving averages for signs of a potential bull market peak.“We need to see a flick up in the Pi Cycle moving average for that crossover to be in place to some degree,” he stated, indicating that a sharp rise in price action is required for a definitive crossover to materialize.
This average typically gets revisited in later stages of the market cycle, often acting as resistance before an upside deviation occurs.“Upside deviations beyond the green moving average that’s when we see parabolic price action take place,” Rekt Capital pointed out, referencing past events in 2013 and 2017 where such movements were observed.
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