None of the top 30 bitcoin indicators suggest a market peak, hinting at more price growth ahead.
- All 30 key indicators show the bull cycle is still strong.
- Price projections suggest Bitcoin could rise to $230K.
- Some traders caution the market may be repeating 2021 trends.
No Warning Signs From Key Bitcoin Indicators
Bitcoin is trading near its highest price ever. But experts tracking the market say it’s not time to sell. A tool called the CoinGlass “bull market peak” list includes 30 indicators that help predict when the price might top out. Right now, none of these show that a major crash is coming.
CoinGlass still labels Bitcoin as a “hold 100%” asset. That means they believe it’s safe to keep your Bitcoin for now. Some believe Bitcoin may still rise up to $230,000 before the peak of this market cycle.
Top Models Support Higher Bitcoin Prices
Popular trader Cas Abbe pointed to three key signals: the Pi Cycle Top, MVRV ratio, and Relative Strength Index (RSI). These tools have predicted past tops correctly, but they are not flashing warnings at this stage. Abbe believes the current prices are still far from the high point.
Prices have already risen nearly 30% in Q2 of 2024. Earlier this year, similar tools were watched closely but did not signal market overheating. That trend continues now as Bitcoin holds near record levels.
Some Traders Are Still Cautious
Not all traders agree the price will keep going up. Some think the market may be slowing down. Analyst Roman compared recent movement to late 2021, right before Bitcoin’s last major crash. He noticed that prices are struggling to break higher and may be entering a bear phase.
The Bollinger Bands, a popular trading tool, also show prices hitting resistance. Its creator, John Bollinger, said that the current trend could pause or even go down. This warning has made some traders nervous about chasing higher prices.
Institutional Interest Could Change the Game
Despite worries, there is growing interest from institutional buyers. Unlike four years ago, large firms and funds are now in the market. This support could help prevent any major crash and keep Bitcoin prices stable or rising.
Experts suggest watching market data closely and avoiding quick decisions. Right now, most major signals still point to a continued bull market, but opinions are split.
Source: cointelegraph.com