Bitcoin Close to its “Take-off Phase” – What Does it Mean?
13.07.2024 19:00 1 min. read Alexander Stefanov
Bitcoin (BTC) has once again faced resistance below the $60,000 mark, signaling a potential rally in the future despite recent challenges.
In a TradingView analysis, crypto market expert TradingShot highlighted Bitcoin’s readiness for its next aggressive phase.
The analysis delved into Bitcoin’s historical price cycles, emphasizing the relative strength index (RSI) and cyclical angles as indicators for significant price movements. Each cycle, from 2012 to 2021, has shown a decreasing angle from peak to trough: 54° in 2012-2013, 42° in 2015-2017, and 30° in 2019-2021.
Based on this pattern, the current cycle is expected to peak at approximately 20° from its low point. Despite the declining angle rates, the one-week RSI has maintained stability around 25°, serving as a reliable sell indicator before entering the next bearish phase.
The analysis categorized Bitcoin’s market phases into bottom formation, accumulation, and impending take-off. Currently in the accumulation phase, Bitcoin has yet to enter its most aggressive price movements, known as the take-off phase, according to TradingShot.
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