Bitcoin May Not Achieve Past Indicator Extremes According to CMT Expert
A crypto market technician is questioning if Bitcoin has peaked in its current bull cycle due to signs of diminishing momentum. Key findings include:
- Technical indicators, particularly the Relative Strength Index (RSI), have not reached historical highs despite Bitcoin achieving new all-time highs.
- The RSI's failure to meet previous extremes raises concerns about Bitcoin’s price trajectory.
- Tony Severino suggests that lower highs on oscillators like the RSI, coupled with higher highs in Bitcoin’s price, may indicate a bearish trend.
- Historical data shows that similar RSI failures preceded significant market downturns in the S&P 500.
Severino concluded that Bitcoin likely hit its market top after surpassing $109,000, suggesting that extreme RSI levels are not necessary to confirm a market peak or subsequent bear market.
