Bitcoin (BTC) is poised to enter a genuine FOMO-driven bull run, according to analyst Axel Adler. He states that breaching the level just below the previous all-time high (ATH) will entice sellers to rush back for missed profits.
Bitcoin (BTC): Bull Run Begins at $69,500, Says Expert
For Bitcoin to kickstart a proper bull run, it needs to reach $69,500. This price point will spark “fear of missing out” (FOMO) among those who previously sold their BTC, as shared by CryptoQuant’s verified author Axel Adler on X today, September 14, 2024.
Adler asserts that once the price surpasses $69.5K, it will trigger a wave of FOMO in the market, bringing back all those who made profits earlier.
On a logarithmic scale, Adler pointed out similar phases during the 2021 bull run and the recent local tops in 2024. Each instance of maximum pre-ATH FOMO featured “false starts,” especially noted in the past four years.
He believes the euphoria in Q1 2024, following the approval of Bitcoin spot ETFs in the U.S., represented a “false start” that was quickly overshadowed by skepticism.
Over the past year, Bitcoin has faced two significant rejections by bears above $70,000, suggesting that the $69,500 mark could be crucial for balancing buyers and sellers, similar to the $63,000-$64,000 zone from three years ago.
On September 13, 2024, Bitcoin’s relative strength index (RSI) surpassed 70 for the first time in weeks, indicating that the asset may currently be overbought.
Is a Bitcoin (BTC) Volatility Spike Coming?
More analysts are predicting an impending market storm after a period of sluggish performance for Bitcoin and major altcoins.
Notably, the Bitcoin Coinbase Premium Index is forming a rare “triangular pattern,” with upper and lower bounds converging. This typically suggests that significant buyers and sellers are poised for their next moves.
Currently, Bitcoin is up by 3.3%, having struggled to break the $60,000 barrier, and is trading at $59,764 with slightly increased trading volume.
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