Bitcoin (BTC) must reach this level to start a bull market

When Bitcoin reaches the $69,500 level, those who sold Bitcoin before will flock to it to recover their missed profits. According to analysis, $69,500 is the key price for Bitcoin to enter the bull market, and the market will enter a real boom stage from then on.

$69,500: The key point of the Bitcoin bull market

By analyzing the similarities between the market trends in 2021 and 2024, it is found that Bitcoin will experience a period of "false start" before the bull market. In early 2024, the news that the United States approved the Bitcoin spot ETF once ignited the market, but then market sentiment was replaced by doubts, and investors did not follow up on a large scale. This phenomenon is a common feature before the start of a bull market.

RSI indicator hits the overbought area

On September 13, 2024, Bitcoin's relative strength index (RSI) rose above 70 for the first time, meaning that the market may enter an overbought state. This signal indicates that Bitcoin is about to usher in greater volatility. As more and more analysts predict that the market may experience drastic fluctuations, investors should pay close attention to price changes.

At present, many technical indicators indicate that the market is about to undergo important changes. For example, the Bitcoin Premium Index on Coinbase is forming a rare "triangle pattern" with the upper and lower limits gradually shrinking. This usually means that buyers and sellers are in a standoff stage, and both sides are waiting for the next move of the market.

Current market dynamics

The price of Bitcoin rose by 3.3% today. Although it has not yet broken through $60,000, the current price is $59,764 and the trading volume has increased slightly. Market sentiment is gradually turning positive, and investors are preparing for the next large-scale fluctuation.

The storm in the Bitcoin market is coming, and now is the best time to prepare to seize the bull market opportunity. As the price approaches $69,500, market sentiment will change rapidly, and the real FOMO effect will drive the price up rapidly.

👇👇Hurry up and look at the picture below + buckle Q: "Seize this wave of bull market, don't wait until the price doubles before regretting it!"