Renowned crypto expert Tony Severino has disclosed that the Bitcoin Percentage Price Oscillator (PPO) has switched to red after hitting $102,000. This development holds significant implications for the leading cryptocurrency amid the ongoing bullish trend.
Bitcoinโs Weekly PPO Signal Shifts at $102,000
In a recent update, Severino stated that the Bitcoin weekly PPO has transitioned to red after surpassing the $102,000 mark. The analyst had previously highlighted that a red signal on the weekly PPO could signal the approaching end of Bitcoin’s bullish run. His earlier caution indicated that this indicator might suggest an imminent market peak.
Exploring how this potential market peak may materialize, the crypto analyst pointed out that following the onset of red ticks, Bitcoin’s price typically experiences further upward momentum, leading to a market peak before the red signal completes its cycle.
Severino also drew attention to the TD Sequential indicator, suggesting that a potential peak for Bitcoin could emerge in the first or second quarter of the current year. He observed that BTCUSD’s quarterly candlesticks are at an 8-count, noting that a perfected TD9 count marked the end of the bull run in 2017.
Therefore, considering past patterns, Bitcoin’s price might peak by July. Nevertheless, Severino maintains that the peak could occur as early as Q1, highlighting that such peaks commonly align with the 8th candlestick. He also acknowledged the possibility of the bull market extending beyond Q2 if the TD8/9 setups deviate from historical norms.
While acknowledging the potential for a prolonged rally, Severino suggested that a notable correction could be imminent as Bitcoin’s upward trajectory may not be sustained over several quarters. The analyst previously forecasted that the Bitcoin price might peak before hitting $150,000, citing factors related to Donald Trump’s inauguration influencing this cyclical high.
Bitcoin Price Correction Approaching Resolution
Meanwhile, industry experts speculate that the downward trend in Bitcoin’s price could be nearing its conclusion, especially with the cryptocurrency reclaiming the $100,000 threshold. In a recent update, crypto analyst Titan of Crypto suggested an imminent markup for Bitcoin, noting that the 7-week consolidation phase could be drawing to a close.
Additionally, crypto pundit Mikybull Crypto highlighted a bullish shift in Bitcoin’s market sentiment. With Bitcoin surging above $100,000, he noted a shift in dominance from bears to bulls, potentially setting the stage for a sustained rally towards a new cycle peak.
Presently, Bitcoin’s price stands at approximately $101,677, registering a 2% increase over the last 24 hours, as per data from CoinMarketCap.
