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Leading tech analysts like CryptoCon have recently drawn attention by stating that indicators such as the Directional Movement Index (DMI) suggest signs of reaching the first local peak in the current Bitcoin (BTC) cycle. The panic in the market increased as different interpretations of a downturn began to emerge following the crypto king’s over 10% fall in the last 24 hours, diverging from CryptoCon’s forecast.
20% Correction Expected
The recent fall in Bitcoin‘s price has fueled speculation about an upcoming correction. Analysts at Swissblock recently warned investors in a Telegram post that Bitcoin could enter a cooling period following its rapid rise last month.
As of the writing of this article, the crypto king has fallen by 7.35% in the last 24 hours, which has led to comments that Swissblock analysts’ bearish scenario might be coming true.
Swissblock analyst and macro-economist Henrik Zeber pointed out a negative divergence between Bitcoin’s price, which refreshed its record by reaching an all-time high of $73,750, and the weakening Relative Strength Index (RSI). This divergence indicates a potential price drop, with Swissblock expecting Bitcoin to retract to approximately $58,000 to $59,000, a 20% correction from current levels.
First Local Peak Prediction in the Cycle
CryptoCon, in its analysis on March 13th, drew attention by suggesting that the current Bitcoin cycle could reach a local peak within the next two weeks to a month, or this first local peak could extend until June.
According to the analyst, BTC will reach its first local peak in the current cycle around $100,000. CryptoCon expects the downturn following the first peak to be followed by a second and final peak rise, reaching around $200,000.
