Bitcoin

when

April

<h2 id="key-points">Key Points</h2>
<ul>
 <li>Bitcoin (BTC) is showing signs of a potential breakout move, similar to its 2017 and 2021 all-time highs.</li>
 <li>The Pi Cycle Top indicator, a classic Bitcoin bull market observation tool, is suggesting a potential breakout.</li>
</ul>
<p>Bitcoin (BTC) is showing potential signs of a significant breakout move, reminiscent of its peak performances in 2017 and 2021. This possible breakout was identified by a well-known trader, Jelle, who pointed out an upcoming key crossover on Bitcoin’s Pi Cycle Top indicator on April 12.</p>
<h2 id="pi-cycle-top-indicator-and-bitcoin">Pi Cycle Top Indicator and Bitcoin</h2>
<p>The Pi Cycle Top is a traditional tool used to observe Bitcoin bull markets. It consists of two moving averages and has consistently signaled macro top signals for BTC price action. Jelle has noted that the price of Bitcoin is currently consolidating just below the indicator’s longer-timeframe trendline, which is the 2X multiple of the 350-day moving average and currently stands at $76,000, according to data from on-chain analytics firm Glassnode.</p>
<p>The Pi Cycle Top measures that moving average with Bitcoin’s shorter-term 111-day counterpart. Macro tops occur when the latter crosses the former. As Jelle put it, “Once Bitcoin breaks the Pi Cycle moving average — all bets are off.”</p>
<h2 id="bitcoin-s-price-consolidation">Bitcoin’s Price Consolidation</h2>
<p>BTC/USD has spent several weeks consolidating around its previous all-time highs of $69,000 set in November 2021. While this price action has caused unease among some market participants, others, including Jelle, view it as healthy behavior around such a crucial psychological threshold.</p>
<p>Bitcoin made similar moves in both 2017 and 2020, consolidating at all-time highs for 50 days and 2021 days, respectively. As another trader, Daan Crypto Trades, noted, “Currently we’re sitting at 37 days of consolidation around the previous all time high.”</p>
<p>Looking ahead, Jelle predicts a near-term BTC price target of more than $80,000. He explained, “This ascending triangle has a target of $82,000. I doubt bears can defend $71,500 for much longer. Bring on price discovery.”</p>

Bitcoin Nears $71K Breakout Point According to Pi Cycle Top Metric

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