Historically accurate Bitcoin metric nears the next 'potential' price peak

Historically accurate Bitcoin metric nears the next 'potential' price peak

Bitcoin (BTC) losing over 50% in a month may have a big silver lining as lower prices set up a classic bull flag.

On Thursday, Philip Swift, creator of the Pi Cycle Top indicator, said that this year could still see a major Bitcoin price high.

BTC price drop’s saving grace?

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Pi Cycle Top uses two moving averages — the 111-day and the 350-day multiplied by 2 — to determine likely market tops with an error range of just three days.

It has proven extremely accurate, and current conditions are setting up a crossover from the two averages which suggests a return to bullishness.

“The 111dma (orange line) continues to rapidly drop below the 350dma x 2 (green line),” Swift commented on Twitter.

“This is setting up another cross, and therefore potential high, in the coming months once price starts trending back up…which I believe it will.”Bitcoin Pi Cycle Top chart. Source: LookIntoBitcoin.comBitcoin price bottom close?

This provides a firm counterpoint to short-term

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