Crypto expert Tony Severino opined that Bitcoin is not only showing signs of a yearly high, but also that the $BTC The price may have reached a 16-year cyclical high. This comes amid the flagship crypto’s recent crash to $60,000, which sparked fears of a bear market.
Bitcoin could show signs of a peak in the middle $BTC Prices drop to $60,000
In a MessageSeverino alluded to Bitcoin’s annual chart, which he said resembles a 16-year cyclical peak rather than a simple annual high. The expert also outlined several reasons why this appears to be a major cyclical peak for the $BTC price. First, he noted that the white candlesticks had decreased in size over time, while the black candlesticks had more white candles in each appearance.
Additionally, Severino highlighted the Doji at the top of a rising wedge pattern while the Evening Star is underway, which is a bearish reversal signal for the $BTC price. Meanwhile, the Fischer Transform is bearish with divergence, and the Stochastic is bearish after being rejected from 80. He added that Bitcoin Relative Strength Index (RSI) falls back below 70 after exceeding this level on the chart of the highest period.
His analysis comes at a time when $BTC The price continues to fall, suggesting that the crypto market may be in a bear market after hitting its peak last October. Bitcoin fell to $60,000 earlier this week, suffering its biggest daily decline since the collapse of FTX. Seasoned trader Peter Brandt also of opinion that Bitcoin is in a bear market, predicting that it could fall further as low as $42,000 before hitting a bottom.
Reason for recent $BTC Accident
Arthur Hayes, co-founder of BitMEX commented on the reason for this recent Bitcoin crash, suggesting that it was due to external factors rather than an ongoing bear market. In a Messagehe declared that the $BTC The price drop was likely due to a dealer hedging BlackRock’s risk. $BTC ETF structured products. Notably, BlackRock’s IBIT saw a record $10 billion in trading volume on the day of this crash, at $60,000.
Hayes’ comment follows Bitcoin’s rebound above $70,000with the flagship crypto recording one of its biggest daily gains on record yesterday after crashing to $60,000. head of research at galaxy Digital, Alex Thorn, suggested that the drop to $60,000 could mark the low point for the $BTC price. This came as he highlighted that the 200-week MA, which stands at around $60,000, has always been a strong entry point for long-term investors.
At the time of writing, the $BTC The price is trading at around $70,000, up more than 6% in the last 24 hours, according to data. data from CoinMarketCap.
Featured image from Pngtree, chart from Tradingview.com
