{"id":610365,"date":"2024-05-29T22:00:33","date_gmt":"2024-05-29T22:00:33","guid":{"rendered":"https:\/\/shenyangcang.com\/?p=610365"},"modified":"2024-06-11T07:02:51","modified_gmt":"2024-06-11T07:02:51","slug":"how-much-room-bitcoin-top-analyst-chimes","status":"publish","type":"post","link":"https:\/\/shenyangcang.com\/news\/how-much-room-bitcoin-top-analyst-chimes\/","title":{"rendered":"How High Can Bitcoin Go Before A Top? Analyst Chimes In"},"content":{"rendered":"

An analyst has explained how the Bitcoin rally could still have room to run before hitting a top based on the data of this indicator.<\/p>\n

Bitcoin Macro Oscillator Isn’t At Historical Top Zone Yet<\/h2>\n

In a new post<\/a> on X, analyst Willy Woo has discussed the recent trend developing in the Bitcoin Macro Oscillator (BMO). This indicator combines four different metrics to provide an oscillating value around the zero mark.<\/p>\n

The indicators in question are the market Value to Realized Value (MVRV) ratio, Volume-Weighted Average Price (VWAP) ratio, Cumulative Value-Days Destroyed (CVDD) ratio, and Sharpe ratio.<\/p>\n

Related Reading: Is Mt. Gox A Worry For Bitcoin? Crypto Analyst Weighs In<\/a><\/div>\n

The chart below shows how the oscillator based on these metrics has fluctuated in value over the past few Bitcoin cycles.<\/p>\n

\"Bitcoin
The value of the metric appears to have seen a drawdown in recent days | Source: @woonomic on X<\/a><\/figcaption><\/figure>\n

From the graph, it’s visible that tops in the cryptocurrency’s price have historically coincided with the metric reaching relatively high levels. More particularly, the 2013 and 2021 tops occurred when the indicator breached the 1.8 level, while the 2017 peak occurred when the oscillator hit 2.4.<\/p>\n

So far, in the current rally, the oscillator has achieved a peak value of 1.2. This high coincided with the asset’s all-time high (ATH) price, which continues to be the top of the run thus far.<\/p>\n

When considering the historical precedent, though, this value doesn’t seem to be high enough for the top to have been cyclical. As the coin’s price has consolidated<\/a> since this high, the oscillator has cooled off, now hitting just 0.69.<\/p>\n

Thus, the asset has gained more distance from the zone where tops have occurred in the past. “This 2.5 months of consolidation under bullish demand has been very good for Bitcoin; it means the price has more room to run before topping out,” notes Woo. The analyst suggests that BTC could now have 2 to 3 levels of the BMO to climb before reaching the macro top.<\/p>\n

Woo has also pointed out a potential positive sign brewing for Bitcoin regarding its net capital flows<\/a>. Below is a chart showing this metric’s trend over the last few years.<\/p>\n

\"Bitcoin
Looks like the value of the indicator has been positive for a while now | Source: @woonomic on X<\/a><\/figcaption><\/figure>\n

As displayed in the graph, net capital flows into Bitcoin were quite high during the surge toward the price ATH, but money stopped flowing in as the asset fell into sideways movement.<\/p>\n

Related Reading: Ethereum Deposits At 4-Month High: Whales Preparing For Selloff?<\/a><\/div>\n

During May, though, the net flows have finally reversed the trend, as they have been on the rise once more. This fresh demand can naturally be bullish for the cryptocurrency’s value.<\/p>\n

BTC Price<\/h2>\n

Bitcoin surged above the $70,500 level earlier, but the coin has since slumped back down, trading around $67,800.<\/p>\n

\"Bitcoin
The price of the coin appears to have gone down over the last couple of days | Source: BTCUSD on TradingView<\/a><\/figcaption><\/figure>\n
Featured image from Dall-E, woocharts.com, chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"

An analyst has explained how the Bitcoin rally could still have room to run before hitting a top based on the data of this indicator. Bitcoin Macro Oscillator Isn’t At Historical Top Zone Yet In a new post on X, analyst Willy Woo has discussed the recent trend developing in the Bitcoin Macro Oscillator (BMO). This indicator combines four different metrics to provide an oscillating value around the zero mark. The indicators in question are the market Value to Realized Value (MVRV) ratio, Volume-Weighted Average Price (VWAP) ratio, Cumulative Value-Days Destroyed (CVDD) ratio, and Sharpe ratio. Related Reading: Is Mt. Gox A Worry For Bitcoin? Crypto Analyst Weighs In The chart below shows how the oscillator based on these metrics has fluctuated in value over the past few Bitcoin cycles. From the graph, it’s visible that tops in the cryptocurrency’s price have historically coincided with the metric reaching relatively high levels. More particularly, the 2013 and 2021 tops occurred when the indicator breached the 1.8 level, while the 2017 peak occurred when the oscillator hit 2.4. So far, in the current rally, the oscillator has achieved a peak value of 1.2. This high coincided with the asset’s all-time high (ATH) price, which continues to be the top of the run thus far. When considering the historical precedent, though, this value doesn’t seem to be high enough for the top to have been cyclical. As the coin’s price has consolidated since this high, the oscillator has cooled off, now hitting just 0.69. Thus, the asset has gained more distance from the zone where tops have occurred in the past. “This 2.5 months of consolidation under bullish demand has been very good for Bitcoin; it means the price has more room to run before topping out,” notes Woo. The analyst suggests that BTC could now have 2 to 3 levels of the BMO to climb before reaching the macro top. Woo has also pointed out a potential positive sign brewing for Bitcoin regarding its net capital flows. Below is a chart showing this metric’s trend over the last few years. As displayed in the graph, net capital flows into Bitcoin were quite high during the surge toward the price ATH, but money stopped flowing in as the asset fell into sideways movement. Related Reading: Ethereum Deposits At 4-Month High: Whales Preparing For Selloff? During May, though, the net flows have finally reversed the trend, as they have been on the rise once more. This fresh demand can naturally be bullish for the cryptocurrency’s value. BTC Price Bitcoin surged above the $70,500 level earlier, but the coin has since slumped back down, trading around $67,800. Featured image from Dall-E, woocharts.com, chart from TradingView.com<\/p>\n","protected":false},"author":542,"featured_media":610451,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,11434,11680,6481,92455,92312,84738,1119,1144],"class_list":["post-610365","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-analyst","tag-bitcoin-bullish","tag-bitcoin-rally","tag-bitcoin-room-to-run","tag-bitcoin-run","tag-bitcoin-top","tag-btc","tag-btcusd"],"acf":[],"yoast_head":"\nHow High Can Bitcoin Go Before A Top? 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Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn\u2019t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment.. Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form. Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new. As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. 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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to. In terms of official educational qualifications, Keshav holds a bachelor\u2019s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions. Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true. Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn\u2019t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment.. Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form. Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new. As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money. Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn\u2019t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs. Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.","sameAs":["https:\/\/www.linkedin.com\/in\/keshavverma29\/","https:\/\/x.com\/https:\/\/twitter.com\/keshavvarma29"],"url":"https:\/\/shenyangcang.com\/author\/hououinkyouma29\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"How High Can Bitcoin Go Before A Top? 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