[Bitcoin (BTC) must reach this level to start a bull market]
Bitcoin (BTC) is entering a bull market phase driven by FOMO (fear of missing out). Analyst Axel Adler pointed out that as long as the price of Bitcoin is close to the previous historical high, investors who sold BTC in the past will quickly return due to missed profits. He said Bitcoin needs to break through $69,500 to truly start a bull run.
Adler emphasized that the market frenzy triggered by the U.S.’s approval of a Bitcoin spot ETF in the first quarter of 2024 was an example of a “false start.” Historical data shows $69,500 is critical to the market's balance of buyers and sellers, similar to the $63,000 to $64,000 range three years ago.
On September 13, 2024, Bitcoin’s relative strength index (RSI) crossed 70, indicating that it may be overbought. Meanwhile, many analysts are predicting market volatility for Bitcoin and altcoins after months of weakness.
Bitcoin prices rose 3.3% today, but have yet to break $60,000, currently stuck at $59,764, with a slight increase in trading volume.
