Overview
The Pi Cycle model compares two key moving averages — the 111-day MA and the 350-day MA × 2 — to detect moments of extreme overvaluation or undervaluation.
Historically, this model has accurately signaled cycle tops within a few days of major Bitcoin peaks.

Interpretation

• When MA111 crosses above MA350×2, a potential cycle top is forming.

• When MA111 crosses below MA350×2, a cycle bottom may emerge.

Formula

$PiHigh = \frac{MA_{111}}{MA_{350} \times 2}$

$PiLow = \frac{MA_{111}}{MA_{350}}$

Signal
Crossovers between these MAs have historically aligned with tops in 2013, 2017, and 2021.

Insights
Serves as one of the most respected on-chain time-based valuation models, particularly useful for macro-cycle analysis.

Available Metric

• Pi Cycle Highs and Lows