Crypto analyst CryptoCon has indicated that Bitcoin is moving towards the cycle’s peak fluctuations. The Bi-Weekly Relative Volatility Index (RVI), historically associated with cycle peaks or the path leading to them, has reached the highest levels to date. The pressing question is: Is a new all-time high (ATH) on the horizon?
The analyst states that this is not a typical mid-cycle surge. The crypto world often faces a strong movement reserved for the peak of a cycle. Contrary to the belief that “this time is different,” the analyst emphasizes that historical data do not support such an anomaly.
The analyst notes that the recent surge looks like the release of a coiled spring. After months of horizontal movement, the crypto market is experiencing the peak of accumulated momentum. However, the analyst cautions that sharp stops are expected in the near future, especially between the $47,000 and $49,000 range.
The analyst mentions that the psychological impact of past events continues to influence market sentiment, such as the fear of a recession to $25,000 in BTC. Many anticipate a return to the low levels of $15,500 or at least a drop to the range of $21,000 to $23,000.
As Bitcoin’s volatility approaches the top levels of the cycle, the crypto community is preparing for potential shifts in the market narrative. Understanding the constantly evolving market signals in the crypto world is key. While Bitcoin explores uncharted waters, the significance of historical patterns cannot be overlooked.