Bitcoin (BTC), the largest cryptocurrency, needs to reach $69,500 to start a real bull run. This level will trigger the 'fear of missing out' for those who have already sold their BTC, according to CryptoQuant author Axel Adler.
Bitcoin and the $69,500 Level
According to analyst Axel Adler, the real bull market for Bitcoin will only begin once it hits the $69,500 mark. This level will act as a catalyst for the 'fear of missing out' (FOMO) among those who sold their BTC during this cycle.
Historical Patterns
On a logarithmic 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, Adler believes that the Q1, 2024 euphoria triggered by Bitcoin spot ETFs being green-lit in the U.S. is an example of a 'false start' quickly followed by disbelief.
Bitcoin (BTC) Volatility and Market Prospects
Over the past year, Bitcoin was twice brutally rejected by bears at levels above $70,000. Therefore, the $69,500 line could be very sensitive to the balance between buyers and sellers, much like the $63,000-$64,000 zone three years ago. Yesterday, September 13, 2024, Bitcoin's relative strength index (RSI) jumped over 70 for the first time in weeks, indicating that the asset might be overbought.
Many analysts foresee a market storm incoming after months of anemic performance for Bitcoin (BTC) and major altcoins. Currently, Bitcoin is up by 3.3% and is trading at $59,764 with slightly increased trading volume.
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