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Indicator Signals Short-Term Top, But Final Bullish Impulse Is Possible

Bitcoin price is up well over 60% year-to-date, and has recovered 200% from the Black Thursday low. The cryptocurrency broke free from downtrend resistance, and all signs point to a new uptrend well underway.

However, assets never move up in a straight line, and corrections are often healthy for long-term growth. A near-perfect top-sniping indicator may be warning that a short-term top is here. But the first-ever cryptocurrency may have another, final bullish impulse left before things cool off for a while.

Has The Next Cryptocurrency Bull Market Already Begun?

Bitcoin, historically, is one of the most volatile assets to ever exist. It often rises a few thousand percent during bull runs, only to later correct as much as 80 to 90% during bear market drawdowns.

Still, those who sell high and buy low, can make a fortune on the best performing asset of all time.

The cryptocurrency rocketed to superstardom in 2017, becoming a household name after topping out at $20,000. Now, nearly three full years later and a bear market now behind us, Bitcoin is ready for another uptrend.

Downtrend resistance is now cleared. The FOMO trigger of $10,000 is now support. The asset’s halving has passed, and any miner-driven death spiral has been narrowly avoided.

All that’s left is a strong impulse move higher. But after such strong yearly performance, a steady uptrend since March, and investors sitting in substantial profit, a short-term top could be near. Sentiment is also at the longest stretch of extreme greed in history.

Coinciding with all these other bearish factors, a valuation-based indicator that in the past has accurately called tops in the cryptocurrency perfectly is now saying a top could be near.