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Lot's of discussion about the #PiCycleTop today.
You'll probably see many media articles and some experts calling a #Bitcoin
cycle top.
Did some research and this is what I found.
TLDR: unlikely, not even the creator of the Pi Cycle indicator thinks the top is in
You'll probably see many media articles and some experts calling a #Bitcoin
cycle top.Did some research and this is what I found.
TLDR: unlikely, not even the creator of the Pi Cycle indicator thinks the top is in
@woonomic explained:
- The Pi Cycle essentially indicates market mania
- Currently, #BTC is consolidating
- Fundamentals show room for growth
- Price floor is near current price range (e.g. NVT price)
- This cycle is much more reflexive than last
- The Pi Cycle essentially indicates market mania
- Currently, #BTC
is consolidating- Fundamentals show room for growth
- Price floor is near current price range (e.g. NVT price)
- This cycle is much more reflexive than last
Many others note that the Pi Cycle was created in April 2019 and data was back-fitted...
It has never actually "called" a top
It has a small sample size (3 prior "calls")
It has never actually "called" a top
It has a small sample size (3 prior "calls")
@500altcoins makes a good point in that whales may use this #FUD as an opportunity for a quick dump
flush out some longs this week and then continue up
flush out some longs this week and then continue up
Most notable, Pi Cycle creator @PositiveCrypto believes that a cycle top is unlikely:
- other indicators show room for growth
- 1 yr+ HODL wave, MVRV z-Score
- funding rates are sustainable https://decentrader.com/market_updates/market-update-pi-cycle-top-indicator-and-the-new-commando-tool/
- other indicators show room for growth
- 1 yr+ HODL wave, MVRV z-Score
- funding rates are sustainable https://decentrader.com/market_updates/market-update-pi-cycle-top-indicator-and-the-new-commando-tool/
My takeaway:
- We're obviously not in a blow off top phase right now
- Anything can happen in short-term (weeks)
- Medium-term (months) still bullish
- Long-term (years) still possibly life changing
Take a deep breath, HODL, have fun!
- We're obviously not in a blow off top phase right now
- Anything can happen in short-term (weeks)
- Medium-term (months) still bullish
- Long-term (years) still possibly life changing
Take a deep breath, HODL, have fun!
If you enjoyed this thread and found value in it, please like and retweet!
If you disagree or have more info then add to the discussion.
Some resources:
- https://www.lookintobitcoin.com/charts/
- http://charts.woobull.com/
If you disagree or have more info then add to the discussion.
Some resources:
- https://www.lookintobitcoin.com/charts/
- http://charts.woobull.com/
