The Pi Cycle Indicator is a relatively popular tool among bitcoin analysts to identify potential market cycle tops.

What is the Pi Cycle Indicator?

The Pi Cycle Indicator uses a combination of two moving averages (MA):

111-day Simple Moving Average (SMA)
350-day Simple Moving Average (SMA) multiplied by 2 (350 SMA * 2)

- The indicator suggests a market top when the 111-day SMA crosses above the 350-day SMA (multiplied by 2).
- Historically, this crossover has coincided with the peak of several major Bitcoin bull markets.

It is considered more of a statistical metric as it has no theoretical basis, which may have its reason in the psychology of investors and how long they think a bull market can last and when they should sell.