Another sign pointing towards a BTC double peak
Updated
Historically, the difference between the STARC and Keltner channel basis lines reaches an area of around 50% on the monthly chart when Bitcoin cycle peaks form. Generally, the difference hits around 45% one or two months before those peaks. Right now, we're at around 45%. Given the nature of this current cycle, I'm not expecting price to drop below 50k. This may be a major peak without a blow-off top. One that instead is followed by a lengthy sideways consolidation period above 50k and unable to dip below that price because supply is too low and the buy wall is too large. In any event, we're definitely looking at monthly trend peak behavior which historically occurs exclusively before a cycle peak forms. In 2013, this happened twice. Perhaps there will be a short term blow off top, but I would expect price to rise to over 80k before we see something so substantial as a 30%+ correction. In the event that we do see a peak in May, we will still have time to form a second, larger peak later this year.
Note
Well, shit. That was certainly a peak lol. I'll have to add this one to my handy dandy bag of viable market cycle peak warning signals.
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