The analyst indicated five distinct phases for Bitcoin – the bear market breakout, the first cycle breakdown recovery, the second early top, the time High (ATH) break and the cycle top phase. Based on these phases, CryptoCon believes that Bitcoin has completed the third phase of its current market cycle which is the "second early top.” The analyst revealed that the cryptocurrency achieved this phase by crossing the red 0.99 value-line for the third time in March 2024 when Bitcoin rose to a new all-time high above $73,700. CryptoCon noted that Bitcoin’s rise to the second early top phase suggests that the cryptocurrency’s recent price movements will not be able to firmly push it above new all-time highs.
However, a crypto analyst has provided an in-depth analysis of Bitcoin’s recent price movements and future outlook, suggesting that the pioneer cryptocurrency still has substantial upside momentum ahead. Analyst Says Bitcoin Has Reached Second Early Cycle Top On July 11, a crypto analyst identified as CryptoCon,’ took to X (formerly Twitter) to share insights into Bitcoin’s price movements based on the Relative Strength Index (RSI) Bollinger Band % phases.
He highlighted that this significant move to rise above ATHs is expected to occur in phase four, where Bitcoin will hit its "all-time high break.” BTC Nears Cycle Top With Two Phases Left Looking ahead, CryptoCon has disclosed that despite Bitcoin’s rise to a second early top in March and its recent downward price movements, the cryptocurrency still has two phases left to witness the best price action in this market cycle.
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