Bitcoin May Peak Sooner In Its Cycle – Says Analyst

The year is indeed an exciting year for Bitcoin and other cryptocurrencies. The cryptocurrency market remains optimistic as the recent price increases. However, the crypto market remains unpredictable and volatile and anything could happen during these times. 

Yesterday, BTC pushed for a $53,000 level but was rejected at $52,985. Over the past few hours, Bitcoin (BTC) has shown a weak trend and is now trading at $51,365. Analysts are now speculating that Bitcoin might be setting the stage for an earlier-than-expected cycle peak.

Jason Pizzino, a well-known crypto analyst, suggests that Bitcoin could diverge from its current cycle. He explains that Bitcoin has been following a pattern where it would rise after reaching a 50% retracement level in previous cycles. Apparently, this retracement has not yet happened, and Bitcoin is trading above its level. 

In comparison to Bitcon’s previous cycles, Pizzino believes that past models don’t always work the same way and that Bitcoin could still perform stronger. At this stage, Bitcoin’s (BTC) price is at levels that haven’t been in two years which indicates that the market is accelerating towards an earlier peak. 

Pizzino also stated that the crypto community might be looking into a new chapter in cryptocurrency history. The lack of pullback at the 50% retracement level suggests leaving previous cycles and potentially resulting in an earlier peak in the market. 

This development has started causing concerns about market stability, investor strategies, and the possibility of new bullish trends with unexpected downturns.

Meanwhile, Bitcoin (BTC) remains at #1 in the cryptocurrency chart with a total market cap of $1 trillion, trading at $51,224. 

ABOUT THE AUTHOR See More

Sophia Cruz

Financial Writer - Asian & European Desks

Sophia is an experienced writer, reporter and newsdesk member, mostly on the financial sectors. For the past 5 years Sophia has covered a wide variety of topics such as the financial markets, economics, technology, fin-tech and trading. Sophia has been a part of the FX Leaders team since 2017 and works on producing valuable content and information for traders of all levels of experience.

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