Bitcoin is just in the middle of its growth cycle, according to the Peak Price Model indicator, and will soon reach the top of the current cycle, which is accessible at roughly $200,000.
Willy Woo, an on-chain analyst, created the Top Price Model index. The indicator is intended to identify market cycle peaks. The index data is based on the average cap multiplied by 35 factories. Average Cap is computed by dividing the total daily market capitalization by the number of days the market has been open.
Bitcoin market cycles are commonly used to forecast the next upward or downward trend. In general, analysts employ technical indicators like moving averages to identify areas of support and resistance to the trend or price.
Willy Woo’s index has been tested three times and has consistently revealed the correct position for each return: June 2011, April, and December 2013, and the peak of the most current cycle in December 2017.
BTC/USD 1 Day Price Chart: Source- Coinmarketcap.com
Meanwhile, the signal indicates that Bitcoin is somewhat higher in the middle of the cycle. Bitcoin was at its highest height in March when it was worth $64,000. The cryptocurrency then rose in value as a result of the market’s rapid growth of its currencies.
At the time of publication, Bitcoin was trading at $60,504 with a daily loses of over 7%. The previous $69,000 Bitcoin ATH was surpassed on November 10, following which a rapid tracking was received and the price of the products dropped to $64,200, then today even further.