Pi Cylce Top Bitcoin is INVALID for this bull cycle!!
Welcome everybody,
My name is Rutger and today i want to discuss the Pi Cycle Top indicator. I think that the Pi cycle top indicator does not work in this bull run. Because this time is really different than other bull cycles, it is never good to say that this time is different, but I will show you why it is really different this bull cycle.
First of all bitcoin balance of exchange is dropping very hard, that is a very bullish sign. We usually see that when the balance on exchanges move up, we reach the end of the Bull market. The opposite is happening right now.
Secondly when we look into the charts we can see that everytime the Pi Cycle Top crossed, it was in the red area of the log growth curves indicator. As you can see on the chart, we are not even close yet. ( in 2013 we also did not hit the red area of the log growth curves for the first peak cycle top. But it did HIT the 96 RSI level ).
The third thing is, that always when the Pi Cycle Top crossed we were at the 96 RSI level. This time we are in the purple zone not overbought not oversold.
Also this bull cycle has been crazy so far with institutions buying and big companies like Tesla and Microstrategy buying. Bitcoin is now for the first time a $1 trillion dollar asset. Which means that big investing company's are also allowed to buy bitcoin. So with all these fundamentals + Technical analyses. I think the Pi cycle top is not valid this time.
What do you guys think, let me know below!
Please like this post so we can get a lot of different people to look at this and discuss this further.
My name is Rutger and today i want to discuss the Pi Cycle Top indicator. I think that the Pi cycle top indicator does not work in this bull run. Because this time is really different than other bull cycles, it is never good to say that this time is different, but I will show you why it is really different this bull cycle.
First of all bitcoin balance of exchange is dropping very hard, that is a very bullish sign. We usually see that when the balance on exchanges move up, we reach the end of the Bull market. The opposite is happening right now.
Secondly when we look into the charts we can see that everytime the Pi Cycle Top crossed, it was in the red area of the log growth curves indicator. As you can see on the chart, we are not even close yet. ( in 2013 we also did not hit the red area of the log growth curves for the first peak cycle top. But it did HIT the 96 RSI level ).
The third thing is, that always when the Pi Cycle Top crossed we were at the 96 RSI level. This time we are in the purple zone not overbought not oversold.
Also this bull cycle has been crazy so far with institutions buying and big companies like Tesla and Microstrategy buying. Bitcoin is now for the first time a $1 trillion dollar asset. Which means that big investing company's are also allowed to buy bitcoin. So with all these fundamentals + Technical analyses. I think the Pi cycle top is not valid this time.
What do you guys think, let me know below!
Please like this post so we can get a lot of different people to look at this and discuss this further.