Bitcoin (BTC) Needs to Reach $69,500 to Trigger a Bull Run, Expert Claims
Bitcoin (BTC) is poised to enter a FOMO-driven bull run, with analyst Axel Adler stating that the level just below the previous all-time high (ATH) will entice sellers to jump back in for missed profits.
According to Adler, the real bull run will begin when Bitcoin (BTC) surpasses the $69,500 mark. This level is expected to trigger a fear of missing out (FOMO) among those who sold their BTC during this cycle. The analyst, verified by CryptoQuant as an author, shared this insight on X on September 14, 2024.
Adler demonstrated similar patterns on a logarithmic scale for the 2021 bull run and local tops in 2024. Each phase leading up to the ATH was accompanied by a “false start” moment over the past four years.
However, Adler believes that the enthusiasm seen in Q1 2024, sparked by the approval of Bitcoin spot ETFs in the U.S., was a false start that quickly turned into disbelief.
Over the past year, Bitcoin (BTC) faced two bearish rejections above $70,000. Therefore, the $69,500 level is expected to be crucial for maintaining a delicate balance between buyers and sellers, similar to the $63,000-$64,000 zone three years ago.
On September 13, 2024, Bitcoin’s (BTC) relative strength index (RSI) surged above 70 for the first time in weeks, indicating potential overbought conditions.
Meanwhile, several analysts predict an imminent market storm after months of lackluster performance for Bitcoin (BTC) and major altcoins.
For instance, the Bitcoin (BTC) Coinbase Premium Index is forming a rare “triangular pattern,” with the upper and lower bounds converging. This pattern typically suggests that significant buyers and sellers are waiting for the next market moves.
Bitcoin (BTC) is up by 3.3% today but failed to break the $60,000 resistance level, currently hovering around $59,764 with slightly increased trading volume.