Analyst Axel Adler says Bitcoin is close to starting a true bull run driven by fear of missing out (FOMO). He believes the price below the previous all-time high will bring back sellers rushing for missed profits. Adler, who writes for CryptoQuant, shared on X that Bitcoin needs to hit $69,500 to kick off the real bull run. This price will trigger FOMO for those who sold their BTC in this cycle.
Source: X Post
Using a particular chart, Adler showed similar patterns from the 2021 bull run and 2024 price peaks. He noted that each time Bitcoin neared a new record high, there was a “false start” moment in the last four years.
Moreover, Adler thinks the excitement in early 2024, when the U.S. approved Bitcoin ETFs, was a “false start” quickly followed by doubt. Twice in the past year, buyers have pushed BTC above $70,000. The $69,500 level might be vital for balancing buyers and sellers, like the $63,000-$64,000 range was three years ago.
Yesterday, Bitcoin’s relative strength index (RSI) went over 70 for the first time in weeks. These findings suggest that Bitcoin might be overbought right now.
Bitcoin Approaches Key Level as Experts Predict Major Market Shift
More experts predict a market shake-up after months of slow movement for Bitcoin and other major cryptocurrencies. Some point to a measure called the Bitcoin Coinbase Premium Index, forming an unusual “triangle” shape. Its upper and lower limits are getting closer.
Furthermore, this shape often signals a significant price move is coming, but it’s hard to tell which way the price will go. Traders are watching closely to see if BTC can break through its previous high of about $73,000.
The current BTC price is hovering around $67,500, up 5% in the last 24 hours. Trading volume has increased, with more people buying and selling Bitcoin recently.
As Bitcoin nears its all-time high, many wonder if this is the start of a new, more vigorous bull run or if the price will fall back again. Only time will tell, but the crypto world is buzzing with excitement and speculation.
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Furthermore, the author’s views are for reference only and shall not constitute investment advice. Before purchasing, please ensure you fully understand and assess the products and associated risk.
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