This Bitcoin Price Top Indicator Could Actually Be a Good Bottom Indicator Too
Source:Adobe Stock Since reaching its all-time high of almost $69,000 in November 2021, Bitcoin has been on the decline ever since. As we recently touched on , the price of Bitcoin has been on the slide for the better part of a year, but the bottom appears to be in sight. Though most indicators suggest that Bitcoin is now nearing the bottom of its recent bear market, it remains unclear just how low it can go or when it will occur. But by repurposing the popular Pi Cycle Top indicator, we may now be inching closer to an answer. How it Works Created by Philip Swift, the founder of LookIntoBitcoin, the Pi Cycle Top indicator uses a combination of the 111-day simple moving average (111SMA) and 2x multiple of Bitcoin's 350-day simple moving average (2x 350SMA) to forecast the top of Bitcoin’s market cycles. Historically, the 2x 350SMA has proven to be an accurate predictor of Bitcoin’s top, having closely predicted the height and timing of the past 3 bull mark...