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Bitcoin (BTC) may soon kick off a significant bull run as it nears a pivotal price point, according to analyst Axel Adler. He suggests that reaching this level could unleash a wave of investor FOMO.
FOMO Expected to Trigger a Buying Frenzy
It looks like Bitcoin (BTC) is about to go on a bull run fuelled by fear of missing out (FOMO). The position immediately below the previous all-time high will trigger a stampede of selling looking to recoup lost earnings, according to analyst Axel Adler.
In order for the correct bull run to begin, the price of Bitcoin (BTC), the biggest cryptocurrency, must reach $69,500. Today, September 14, 2024, CryptoQuant's verified author Axel Adler revealed on X the news that this level would trigger the "fear of missing out" for individuals who have already sold their Bitcoin during this cycle.
Adler showed comparable timeframes for the 2021 bull run and the 2024 local tops on a logarythmic scale.
False Starts in Pre-ATH FOMO Periods
At least once in the past four years, every peak of pre-ATH FOMO had its "false start" moment. This time, the expert is certain that the Q1 2024 excitement caused by the U.S. government's approval of Bitcoin spot ETFs is a classic case of a "false start" that was soon followed by a lack of belief.
Two bear markets above $70,000 rejected Bitcoin (BTC) savagely in the past year. Thus, according to historical data, the $69,500 line can be quite sensitive to the equilibrium between buyers and sellers, similar to the $63,000-$64,000 zone from three years ago.
RSI Reaches Overbought Territory
According to U.Today, Bitcoin's (BTC) relative strength index (RSI) may be overbought at the moment since it soared over 70 for the first time in weeks yesterday, September 13, 2024.
After months of dismal performance, many market watchers are predicting a market storm is on the way for Bitcoin (BTC) and other big altcoins.
To illustrate the point, according to certain estimates, the Bitcoin (BTC) Coinbase Premium Index is exhibiting an unusual "triangular pattern" where the top and bottom boundaries are increasingly converging.
Bitcoin Fails to Break $60K Threshold Again
What this usually implies is that the biggest sellers and purchasers are staring at each other, waiting for each other to do anything. Today, Bitcoin (BTC) had a 3.3% increase. With a slightly increased trading volume, it is currently sitting at $59,764 and has failed to conquer the $60,000 barrier once again.
