TRENDING:
ECB interest rate decision
Oil price
XAU/USD
EUR/USD
GBP/USD
Silver
Sponsored by
Login
|

Market update: Bitcoin price triggers the infamous Pi Cycle Bottom!

Market update: Bitcoin price triggers the infamous Pi Cycle Bottom!
Tony M.Tony M.FXStreet Contributor

Bitcoin Pi Cycle Bottom

Bitcoin price shows optimistic signals to close out Wednesday, July 13th’s trading session. During the New York session, the bears flexed a brief attack on the $18,900 barrier. The bulls quickly ate up the opportunity within minutes and have managed to rally back into the $20,000 price level.

Amidst the $20,000 rebound, the Bitcoin price has suddenly triggered the infamous Pi Cycle Bottom indicator. Investors may recall the Pi Cycle’s significance as it accurately signaled the 2018 lows at $3,000 and the $64,000 highs as Pi Cycle Top in 2021.

The 2-day chart is, at the time of writing, two hours away from printing a doji/hammer candlestick on the 2-day chart. If the bulls can accomplish the reversal pattern, they may be able to reconquer the downtrend entirely. Fingers crossed, the call for Crypto Season may very well be getting answered.

tm/btc71/22 PI Bottom

Author

Tony M.

Tony M.

FXStreet Contributor

Tony Montpeirous began investing in cryptocurrencies in 2017. His trading style incorporates Elliot Wave, Auction Market Theory, Fibonacci and price action as the cornerstone of his technical analysis.

More from Tony M.
Share:

Editor's Picks

XRP Price Forecast: XRP trades sideways as Ripple targets 10 million agentic AI transactions

XRP Price Forecast: XRP trades sideways as Ripple targets 10 million agentic AI transactions

Ripple (XRP) is losing momentum on Thursday, albeit gradually, trading above $1.13. The remittance token tagged a weekly high of $1.16 on Tuesday, with gains mainly attributed to developments on the United States (US) Clarity Act and recent signs that inflation is easing in the world’s largest economy.
Crypto Today: Bitcoin, Ethereum, XRP trim gains despite resilient ETF inflows

Crypto Today: Bitcoin, Ethereum, XRP trim gains despite resilient ETF inflows

Cryptocurrency prices are trending lower on Thursday, pressured by renewed inflation concerns stemming from ongoing tensions between the United States (US) and Iran and persistently elevated Oil prices. Bitcoin (BTC) is approaching short-term support at $65,000, with upside resistance remaining firm at $67,000.
Worldcoin Price Forecast: WLD steadies as multiple bullish signals line up

Worldcoin Price Forecast: WLD steadies as multiple bullish signals line up

Woldcoin (WLD) price trades around $0.3838 at press time on Thursday, extending a consolidative tone capped beneath the 50-day Exponential Moving Average (EMA) at $0.4141. WLD token emissions are scheduled to drop by 43% from Friday, reducing supply pressure. Retail activity in WLD derivatives remains firm, with a 40% rise in trading volume and elevated funding rates.
Dogecoin Price Forecast: DOGE nears yearly low as risk appetite fades

Dogecoin Price Forecast: DOGE nears yearly low as risk appetite fades

Dogecoin (DOGE) extends its decline on Thursday, approaching its yearly low at $0.069 as bearish sentiment continues to weigh on the meme coin. Escalating US-Iran conflict and fresh Houthi threats have dampened risk appetite, weighing on speculative assets such as DOGE. Weakening derivatives metrics and a deteriorating technical outlook suggest a deeper correction if DOGE slips below $0.069.
Bitcoin’s potential recovery in the second half hinges on these 4 catalysts

Bitcoin’s potential recovery in the second half hinges on these 4 catalysts

Bitcoin (BTC) has fallen over 34% in the first half of this year as the King Crypto failed to capitalize on a good semester for risk assets despite the woes from the Iran war.