Bitcoin has doubled from its last signal, reaching $119,000, without triggering the Pi Cycle Top indicator.
Previous bull markets showed 25x and 6.4x gains after similar early-cycle signals before red zone tops appeared.
The Pi Cycle oscillator remains neutral, with no red zone detected, indicating the current cycle may still be unfolding.
Bitcoin is currently trading above $119,000, marking a sharp gain in the ongoing market cycle. Historical chart data shows that the Pi Cycle Top indicator, known for signaling major price peaks, has not triggered a warning yet. This is a key observation because the indicator accurately identified the tops in the past three bull markets. The chart compares the current cycle with previous cycles, where exponential gains followed early signals without immediate topping signs.
Pi Cycle History Shows Consistent Patterns
In the 2017 bull run, Bitcoin moved from $785 to a cycle top that delivered a 25x return. During that cycle, the 111-day and 350-day moving averages crossed just before the major rally. That crossover came ahead of the Pi Cycle Top indicator’s red zone alert, which aligned with the final top.
Source: Bitcoin Archive
The next major run occurred in 2020. Bitcoin started that cycle near $10,000 and reached a peak with a 6.4x return. Once again, the green and orange moving averages crossed ahead of the price surge. The red zone on the indicator followed, marking the end of that upward trend. In both cycles, green circles marked the early-stage bullish confirmation. Those markers came well before the peaks and indicated strong market expansion.
Current Cycle Shows No Peak Signal Yet
The ongoing cycle shows a similar structure, with the green crossover circle visible again. Bitcoin has grown nearly 2x from the last key point near $60,000. As of July 13, 2025, the asset is trading around $119,000.
Unlike past cycles, no red zone has appeared yet from the Pi Cycle Top indicator. This means that price action has not reached conditions associated with previous market tops. Both moving averages remain separated, confirming that no crossover has occurred.
The absence of a top signal differentiates this phase from the past two market peaks. Historical data shows red zones only formed near absolute highs. The lack of such a zone at present indicates a different position in the cycle.
Oscillator Reflects Neutral Momentum
Beneath the price chart, the Pi Cycle oscillator tracks market position using historical cycle behavior. In earlier cycles, the oscillator dropped below the green dotted line before rising into the red zone. Those moments preceded large rallies and topped when the oscillator moved above the red dotted line.
Currently, the oscillator sits around neutral territory. The most recent green phase ended in early 2023. Since then, the indicator has moved upward without extreme readings. No red zone has appeared in the current cycle, mirroring the missing top signal from the moving average tool. This confirms the market has not yet reached prior cycle peak conditions.
