The volatility and uncertain nature of cryptocurrencies requires constant research and analysis for investors and analysts. In this context, CryptoCon, a popular technical analyst, has focused on key indicators such as the Directional Movement Index (DMI) to determine Bitcoin’s potential to top.
DMI is considered a tool that minimizes potential false signals when measuring the strength and direction of an asset. CryptoCon tries to predict when Bitcoin will reach its peak using these indicators. worked. However, the dynamics of the crypto market and data from Bitcoin’s previous cycles complicate the forecasting process.
In general, analysts predict that Bitcoin’s peak could typically occur within two weeks to three months from the start of the cycle. However, CryptoCon’s assessments based on previous DMI signals indicate that Bitcoin’s peak may take longer than generally anticipated.
The 2 Week Directional Movement Index tells us that a cycle top for #Bitcoin could be coming very soon, possibly within the next weeks to months.
NEWS CONTINUES BELOWThis would be scheduled to be the first of 2 cycle tops, with a cross of 55.12.
The time it has taken to put in a first top after… pic.twitter.com/cjasD97PTZ
NEWS CONTINUES BELOW— CryptoCon (@CryptoCon_) March 13, 2024
According to CryptoCon’s analysis, a more likely time frame for the top of Bitcoin’s cycle could be December 2024. Although this prediction is made based on historical data, it is definitely not a guarantee considering the uncertainty and sudden changes of the crypto market.
CryptoCon’s analysis comes alongside a new record net inflows into spot Bitcoin ETFs, indicating increased interest in cryptocurrencies. This increase was marked by Bitcoin’s value rising above $73,000, an all-time high, driven by greed and fomo (fear of missing out). However, the price of the asset followed a downward trend after the last peak. As we previously reported, Bitcoin experienced a drop of nearly six thousand dollars in a matter of hours, resulting in liquidations worth millions of dollars. Warning signs of more trouble in the near future have also become apparent.
In summary, according to this CryptoCon analysis, we can see that Bitcoin has reached the top of its cycle this year. On the other hand, these fluctuations in the world of cryptocurrencies encourage investors to be more careful. Risk management and portfolio diversification play an important role in such situations. Additionally, keeping a close eye on and analyzing market trends can help investors make informed decisions.
You can follow the current price movement here.
