coinedition.com 17 h Reading time: ~2 m
The Bitcoin technical analyst CryptoCon predicted the bullish trend of the leading cryptocurrency Bitcoin, pointing out that the Yellow 111DMA in the Pi Cycle Top Indicator has begun to “uptick”. The indicator has identified that BTC “continues to retest the line as support”, which the analyst spotted as a signal of a substantial hike.
On June 2, CryptoCon shared a Twitter thread offering explanations for his bullish beliefs on BTC:
Why do I continue to be bullish on #Bitcoin? The Pi Cycle Top explains it clearly
The Yellow 111DMA has started to uptick, and Bitcoin continues to retest the line as support (not parabolic)
Sometimes the bounce can take some time, but this is nothing but bullish! pic.twitter.com/LiL3vze0Xg
— CryptoCon (@CryptoCon_) June 2, 2023
In the tweet, the analyst provided a clear picture of his predictions regarding the much-anticipated bullish track of the cryptocurrency, with the support of the Pi Cycle Top Indicator. He asserted that though the bounce is slow, the final reach would be bullish.
The analyst brought forward solace for the crypto enthusiasts and traders who are anxious about a bearish Bitcoin market, by asserting the bullish retest of the Yellow 111DMA, which is “healthy, and normal for a sustained bullish trend”. He pinpointed that “it’s only a matter of time before Bitcoin starts to take off”.
Further, CryptoCon detailed his “successful” journey with Bitcoin, positing that he has managed it by using “long-term data”. With his scrupulous understanding of BTC, he bought all his coins for an amount below 10k in a period between 2018 to 2020 and sold them for 54k in April 2021. Later he re-acquired his collection for just 16.5k.
At press time, as per the data of CoinMarketCap, BTC was traded at $27,205.94, with a 24-hour trading volume of $12,234,233,334. The current price of the cryptocurrency shows a surge of 0.19% in the last 24 hours.