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With the Bitcoin price back above $100,000, there have been discussions about what could mark the cycle top for the flagship crypto. Crypto analyst Tony Severino has provided some insights on this, revealing around what price target the market top could be considered.
Potential Cycle Top For The Bitcoin Price
In an X post, Tony Severino suggested that the cycle top for the Bitcoin price could be around $170,000. This came as he noted that a 90% surge could take the flagship crypto to this price level. He added that it is at this level that the cycle tops can then be considered, indicating that the BTC top in this cycle would likely be around this range.
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The crypto analyst also discussed the current Bitcoin price action. He remarked that a mid-trend re-squeeze can lead to a continuation of the uptrend. Severino added that Bitcoin above $105,000 gets interesting, suggesting that is where the flagship crypto could witness a parabolic rally to a new all-time high (ATH).
Severino alluded to the last time the Bitcoin price got a head fake to the lower band before moving to the upper band. He further remarked that from the wick low at the lower band to the local high was a 90% move. As such, this is why the analyst is confident that Bitcoin could witness another 90% surge to the $170,000 target before the cycle top is in.
Before now, the crypto analyst had also assured that the Bitcoin price is still bullish because of the monthly stochastic oscillator, which is still above 80. The tool is used to measure momentum, and the indicator being above 80 typically suggests strong upward momentum. Historically, the monthly stochastic being above 80 has also led to a continuation of the BTC rally.
Holding $100,000 As Support Is Crucial
In an X post, crypto analyst Jelle suggested that the Bitcoin price holding $100,000 as support is the next most crucial step for a continuation of the upward trend. He noted that Bitcoin is pushing into the $100,000 resistance level, which lines up with the local downtrend line as well.
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The crypto analyst remarked that he expects a Bitcoin price breakout soon. He also predicts there will be much higher prices once that happens. In another X post, Jelle alluded to Bitcoin’s funding rate, which is currently in the green. In line with this, he asserted that the flagship crypto would run “red-hot” for weeks on end before this bull cycle is over.
At the time of writing, the Bitcoin price is trading at around $99,700, up over 2% in the last 24 hours, according to data from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com
