Crypto analyst Tony Severino has revealed that the Bitcoin Percentage Price Oscillator (PPO) has turned red after reaching $102,000. He further explained what this development means for the flagship crypto in relation to the ongoing bull market.
Bitcoin’s Weekly PPO Turns Red At $102,000
In an X post, Severino disclosed that the Bitcoin weekly PPO has just turned red following its ascent to $102,000. He previously indicated that a red PPO often signals the impending end of Bitcoin’s bull run. This prompted him to caution that this indicator might soon suggest a market top.
Regarding potential market tops, Severino explained that Bitcoin’s price could continue to surge once the red ticks commence, with the market likely reaching a peak before these red ticks conclude. He also emphasized the role of the TD Sequential as another indicator suggesting that Bitcoin’s peak could occur as soon as the first or second quarter of this year. Notably, BTCUSD’s quarterly candlesticks are currently on an 8-count, echoing patterns observed at the conclusion of the 2017 bull run.
Historically, if patterns repeat, the Bitcoin price could peak by July. Nonetheless, Severino asserts that the top could come sooner, potentially in Q1. He specified that hitting the peak on the 8th candlestick in the sequence is not uncommon. Additionally, he entertained the notion that the Bitcoin bull market could extend beyond Q2, cautioning that TD8/9 setups may not materialize confidently.
However, he added that it appears improbable for Bitcoin to maintain an upward trajectory over several quarters without experiencing a substantial correction. In previous assessments, he has indicated that the Bitcoin price may peak below $150,000 as early as January 20, linking this forecast to Donald Trump’s inauguration and its potential implications as a new paradigm for this cyclical altitude. Severino’s evaluation is based on the assumption that the market may have already accounted for Trump’s favorable stance on cryptocurrencies.
Bitcoin Price Correction Nearing Its End
Amid these developments, other crypto analysts suggest that Bitcoin’s downtrend may be approaching an end, particularly with the leading cryptocurrency reclaiming a position above $100,000. In a recent X post, crypto analyst Titan of Crypto noted the imminent potential for a Bitcoin mark-up, stating that the 7-week consolidation phase seems poised to conclude.
Furthermore, crypto analyst Mikybull Crypto affirmed that Bitcoin has flipped bullish again, claiming that bears have lost their grip following Bitcoin’s surge past the $100,000 threshold—an indication that a sustained rally toward a cycle peak may be on the horizon.
At the time of writing, Bitcoin is trading at approximately $101,677, reflecting an increase of over 2% in the last 24 hours, as per data from CoinMarketCap.
