Bitcoin (BTC) is on track to enter the phase of a real FOMO-driven bull run. The level just below the previous ATH will bring all sellers back rushing for missed profits, analyst Axel Adler says.
Bitcoin (BTC): Real bull run starts at $69,500, expert says
Bitcoin (BTC), the largest cryptocurrency, needs to hit $69,500 to let the proper bull run kick off. This level will activate the “fear of missing out” for those who already sold their BTC in this cycle, CryptoQuant’s verified author Axel Adler shared on X today, Sept. 14, 2024.
On a logarythmic scale, Adler demonstrated similar periods for the 2021 bull run, as well as for the 2024 local tops. Every phase of maximum pre-ATH FOMO saw its own “false start” moment, at least in the last four years.
This time, the analyst is sure that Q1, 2024 euphoria triggered by Bitcoin spot ETFs being green-lit in the U.S. is an example of “false start” that was quickly replaced by disbelief.
In the last year, Bitcoin (BTC) was twice brutally rejected by bears over $70,000. As such, the line of $69,500 might be very sensitive for the equilibrium between buyers and sellers, historical data says, not unlike the $63,000-$64,000 zone three years ago.
Yesterday, Sept. 13, 2024, Bitcoin’s (BTC) relative strength index (RSI) jumped over 70 for the first time in weeks, which means the asset might be overbought right now.
Bitcoin (BTC) volatility spike imminent?
Meanwhile, more and more analysts are foreseeing a market storm incoming after months of anemic performance for Bitcoin (BTC) and major altcoins.
For instance, as per some estimations, the Bitcoin (BTC) Coinbase Premium Index is forming a rare “triangular pattern” with the upper and lower bounds getting closer and closer to each other.
Typically, it means that the largest buyers and sellers are looking at each other waiting for next moves.
Bitcoin (BTC) is up by 3.3% today. It yet again failed to conquer the $60,000 level and is sitting at $59,764 with a slightly increased trading volume.
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