Bitcoin’s Pi Cycle Top metric indicates BTC price is on the brink of a $71K surge.

Bitcoin (BTC) is on the verge of a breakout that has historically preceded its all-time highs in 2017 and 2021, according to popular trader Jelle. In an April 12 post, Jelle highlighted a key crossover on Bitcoin’s Pi Cycle Top indicator. The Pi Cycle Top is a well-known tool for observing Bitcoin’s bull market, and it has consistently signaled major price tops. Jelle pointed out that the price of Bitcoin is currently coiling beneath the indicator’s longer-term trendline, which is the 2X multiple of the 350-day moving average, currently at $76,000 according to on-chain analytics firm Glassnode. Jelle stated that once Bitcoin breaks the Pi Cycle moving average, anything can happen. The Pi Cycle Top measures the moving average by comparing Bitcoin’s shorter-term 111-day counterpart to the longer-term counterpart. Previous instances of BTC/USD consolidating around all-time highs for extended periods have been seen in 2017 and 2020, with 50 days and 2021 days of consolidation respectively. The current consolidation period around the previous all-time high of $69,000 has lasted for 37 days. Jelle predicts a near-term BTC price target of over $80,000, based on an ascending triangle pattern. It’s important to note that this article does not provide investment advice or recommendations, and readers should conduct their own research before making any decisions.