Bitcoin (BTC) is eyeing a classic breakout move that preceded both its 2017 and 2021 all-time highs.
Pi Cycle Top is a classic Bitcoin bull market observation tool. Consisting of two moving averages, it has consistently delivered macro top signals for BTC price action.
Now, Jelle notes, price is coiling beneath the indicator’s longer-timeframe trendline — the 2X multiple of the 350-day moving average, currently at $76,000, per data from on-chain analytics firm Glassnode.
“Once Bitcoin breaks the Pi Cycle moving average — all bets are off,” he wrote in accompanying commentary.
Pi Cycle Top effectively measures that moving average with Bitcoin’s shorter-term 111-day counterpart. Macro tops come when the latter crosses the former.
As Coitnelegraph continues to report, BTC/USD has spent multiple weeks consolidating around its previous all-time highs of $69,000 set in November 2021.
While such price action has unnerved some market participants, others, including Jelle, see it as healthy behavior around such a critical psychological line in the sand.
In both 2017 and 2020, Bitcoin made similar moves, consolidating at all-time highs for 50 days and 2021 days, respectively.
“Currently we’re sitting at 37 days of consolidation around the previous all time high,” fellow trader Daan Crypto Trades wrote in part of a recent X post on the topic.
Continuing, Jelle maintained a near-term BTC price target of more than $80,000.
“This ascending triangle has a target of $82,000,” he explained alongside a chart showing current market structure.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.