Bitcoin: Pi Cycle Top & Bottom Indicator
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Indicator Overview
The Pi Cycle Top and Bottom Oscillator is an adaptation of the original Pi Cycle Top chart. It compares the 111-Day Moving Average and the 2 * 350-Day Moving Average of Bitcoin’s Price. These two moving averages were selected as 350 / 111 = 3.153; An approximation of the important mathematical number Pi.
When the 111-Day Moving Average reaches the 2 * 350-Day Moving Average , it indicates that the market is becoming overheated. That is because the mid time frame momentum reference of the 111-Day Moving Average has caught up with the long timeframe momentum reference of the 2 * 350-Day Moving Average.
Historically this has occurred within 3 days of the very top of each market cycle.
When the 111 Day Moving Average falls back beneath the 2 * 350 Day Moving Average , it indicates that the market momentum of that cycle is significantly cooling down. The oscillator drops down into the lower green band shown where the 111 Day Moving Average is moving at a 75% discount relative to the 2 * 350 Day Moving Average.
Historically, this has highlighted broad areas of bear market lows.
It is also worth noting that this indicator has worked during Bitcoin's adoption growth phase, the first 15 years or so of Bitcoin's life. With the launch of Bitcoin ETF's and Bitcoin's increased integration into the global financial system, this indicator may cease to be relevant at some point in this new market structure.
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