Egrag Crypto, a notable analyst on the X platform, recently highlighted the importance of the Stochastic Relative Strength Index (Stoch RSI) on a monthly time frame for Bitcoin. According to this analysis, if Bitcoin is to follow a pattern similar to the 2017 cycle, specific conditions need to be met. The Stoch RSI’s pinkish line must not drop below the 80 level. Instead, it should rebound from this point, while the bluish line should start to rise. Failure to meet these conditions could indicate significant trouble for Bitcoin throughout the entire cycle.
This technical indicator, which measures the momentum of Bitcoin, is crucial for traders and investors. A bounce at the 80 level and an upward trend in the bluish line would suggest that Bitcoin might replicate its past bullish behavior, potentially leading to significant gains.
In addition to technical indicators, global liquidity trends also play a critical role in the cryptocurrency market. Analyst Willy Woo has pointed out that global liquidity is forming a bullish ascending triangle, a pattern that typically precedes a breakout. Woo anticipates this breakout to occur before October 2024.
Willy Woo’s analysis uses the M2 Money Stock for major currencies including the Chinese Yuan (CNY), US Dollar (USD), Euro (EUR), Japanese Yen (JPY), and British Pound (GBP). The trading view ticker formula employed by Woo aggregates these currencies’ M2 money stocks, providing a comprehensive view of global liquidity.
The formation of a bullish ascending triangle in global liquidity suggests that there might be increased capital flow into assets like Bitcoin. Woo’s projection indicates that 2025 could be a significant year for Bitcoin, potentially setting new records.
Today’s Bitcoin price reflects the ongoing volatility in the cryptocurrency market. The market cap for Bitcoin, with a circulating supply of 20 million BTC, stands at $1,222,964,174,741.
As of today, Bitcoin’s price stands at $62,083.94, reflecting a 0.20% increase over the past 24 hours but a 0.66% decline over the last seven days. Despite the recent decline, Bitcoin’s performance must be viewed within the broader context of the global cryptocurrency market. Over the past seven days, the global market has seen a 0.20% increase, indicating a relatively stable environment for cryptocurrencies.
