As an analyst with over two decades of experience in financial markets, I have seen my fair share of bull runs and bear markets. The current state of Bitcoin (BTC) reminds me of the excitement that preceded the 2017 bull run, when everyone was scrambling to get a piece of the action. However, as the market matured, we saw periods of consolidation followed by brief corrections before the real fireworks began.
According to analyst Axel Adler, Bitcoin (BTC) appears poised to ignite a genuine fear-of-missing-out (FOMO) fueled rally. As the price nears its previous all-time high, it’s expected to entice sellers eager to recapture any missed profits.
Bitcoin (BTC): Real bull run starts at $69,500, expert says
For a full-blown bull rally to commence, Bitcoin (BTC) must reach $69,500 according to expert Axel Adler from CryptoQuant. This price level could trigger a sense of “fear of missing out” among those who previously sold their BTC during this cycle, as reported on X today, September 14th, 2024.
On a logarithmic chart, Adler found comparable durations for the 2021 market surge and the projected 2024 peaks. Each peak of extreme hype before All-Time High (ATH) has had its own “false beginning” over the past four years.
During this period, the analyst believes that the enthusiasm surrounding Q1, 2024, due to the approval of Bitcoin spot ETFs in the U.S., can be characterized as a “premature surge” which was soon followed by skepticism.
Over the past year, Bitcoin (BTC) faced two harsh rejections by sellers near the $70,000 mark. This suggests that the price level of approximately $69,500 could be a significant point for balance between buyers and sellers, as historical trends indicate. In fact, this region is reminiscent of the $63,000 to $64,000 zone seen three years ago.
On September 13th, 2024, Bitcoin’s (BTC) Relative Strength Index (RSI) surpassed 70 for the first time in several weeks, indicating that the asset could potentially be overbought at this moment.
Bitcoin (BTC) volatility spike imminent?
Increasingly, analysts are predicting turbulence ahead for the cryptocurrency market, following several months of poor returns for Bitcoin (BTC) and other significant altcoins.
To give you an example, according to certain calculations, the Bitcoin (BTC) Coinbase Premium Index appears to be shaping a seldom seen “triangular structure,” where the upper and lower boundaries are gradually narrowing together.
As a researcher, I often find myself observing that the significant market players tend to hold their ground, anticipating one another’s next steps before making their next move.
Today, Bitcoin (BTC) has climbed approximately 3.3%. Despite another attempt, it hasn’t managed to surpass the $60,000 threshold yet and currently stands at $59,764. The trading activity has seen a slight uptick.
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2024-09-14 16:40