Analyst Predicts Bitcoin Cycle Top Could Occur Between April and June

According to CryptoPotato, CryptoCon, a well-known technical analyst, has pointed out the possibility of a Bitcoin cycle top in the coming months. The analyst cites indicators such as the Directional Movement Index (DMI), which measures an asset's strength and direction while reducing potential false signals. The prediction suggests that a cycle top could occur between April and June this year. However, based on previous DMI signals, the final top has been reached twice in ten months, making a more likely timeframe for Bitcoin's cycle top to be by December 2024. CryptoCon's analysis comes amid a new record of net inflows for spot Bitcoin ETFs, with investment vehicles reaching a high of $1.05 billion, up 56% from $673 million on February 28th. This surge occurs as Bitcoin's price hits a new all-time high above $73,000. However, the asset's price has declined after the recent peak, with BTC dropping by roughly six thousand dollars in hours, resulting in millions in liquidations. There are also warning signs that more pain could follow soon. Swissblock analysts, in a Telegram update on Wednesday, stated that Bitcoin is on the verge of entering a cooling period after a meteoric rise over the past month. A chart by Swissblok analyst and macro-economist Henrik Zeber shows a negative bearish divergence between BTC's price reaching new all-time highs and a waning relative strength index (RSI). Swissblock predicts that BTC could drop to around $58,000-$59,000 in its next move, a 20% correction from current prices. This foreshadows a price pullback as the RSI indicates waning momentum for Bitcoin. However, the analyst suggested that 'the top is not in,' meaning that a 20% decline in BTC might pave the way for the cycle top CryptoCon referred to.

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