Bitcoin markets have remained sideways or slightly down since the beginning of December. Strong resistance at $44,000 has proved difficult to overcome, and a new resistance level at $43,000 has been tested and rejected twice.
On Dec. 19, market analyst ‘CryptoCon’ said it would be so easy to join the crowd and call for one more Bitcoin push with potential ETFs looming.
However, “long-term data has spoken” and the Puell Multiple has signaled a mid-cycle top, he noted.
Bitcoin Mid-Cycle Top
The mid-cycle top is what it says, a high point between two major cycle peaks. It has appeared in all previous Bitcoin cycles and was followed by a significant market correction.
In 2019, the mid-cycle top appeared in June when BTC prices tapped $13,000. However, they retreated to $4,000 in the pandemic-induced black swan event in March the following year before powering on to a new all-time high in late 2021. The pullback was around 70% in the middle of the cycle.
In 2016, the mid-cy
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