Signs Of Bitcoin Price Reaching Its Peak If This Happens
JAKARTA - The soaring price of Bitcoin (BTC) in recent months has attracted public attention and is in the spotlight of analysts. One of the pseudonym crypto analysts, Pentoshi, known to accurately predict the end of the Bitcoin bullish market in 2022, provides a recent view of possible signs of Bitcoin hitting its peak price.
Through X's social media account, Pentoshi said that one of the main indicators of the market peak is when the price of Bitcoin no longer responds positively to the catalyst. "The price will eventually stop reacting to good news. Good news no longer has any effect," said Pentoshi. He added that these signs usually occur simultaneously, signaling that the market may have peaked.
Pentoshi also reminded his followers to monitor the Coinbase app ranking on the App Store. At the peak of previous bullish cycles, Coinbase apps were ranked first across categories, not just finance. "When everyone is in, there's nothing left to buy," he explained, describing the dynamics of the market that is often driven by emotions such as greed and fear.
Apart from Coinbase, Pentoshi calls the Phantom app an additional indicator. Phantoms are digital asset wallets that allow users to store and trade crypto and NFT on various blockchains such as Solana (SOL), Ethereum (ETH), and Polygon (POL). The increasing number of downloads of these apps can show speculative interest that peaks in the market.
As of this article, the price of Bitcoin was trading at 98,227 US dollars (approximately Rp1,551 billion) based on CoinMarketCap data, Monday, November 25. With the trend of continued rise, analysts warn of the importance of observing these signals to understand whether the market is heading to its peak or there is still room to grow further.