#Write2earn
Bitcoin Price Analysis: Bullish Momentum Despite Market FUD
#Bitcoin #BTC #BitcoinPrice $BTC

In spite of the ongoing fear, uncertainty, and doubt (FUD) in the cryptocurrency market, Bitcoin price analysis indicates a continued rally. A potential weekly stochastic RSI cross up could be confirmed next week, leading to increased momentum and pushing Bitcoin to new highs.

Peter Brandt's Perspective

Renowned trader Peter Brandt acknowledges Bitcoin’s impressive price surge but points out a pattern of lower highs and lower lows. Despite the hype, this pattern usually signifies the formation of a bull flag. However, Brandt cites "Edwards, Magee, Schabacker," stating that a bull flag lasting more than a couple of months should be disregarded.

Even if the bull flag pattern is dismissed, the downward-sloping channel observed is a bullish pattern. This channel typically sees the price break out upwards rather than downwards.

Bitcoin ETFs' Impact

Brandt also attributes some of the hype to Spot Bitcoin ETFs. Over the past nine days, continuous inflows have increased their Bitcoin holdings significantly. From Friday to Tuesday, these ETFs bought over $1 billion in BTC.

Technical Indicators and Momentum

The catalyst for a breakout is a weekly stochastic RSI cross up past the 20 level. This would likely bring significant momentum, potentially driving Bitcoin to new highs. Additionally, analysts often compare Bitcoin to gold as a safe investment during economic uncertainties. Since the pandemic, Bitcoin has outperformed gold by nearly 1,000%.

The stochastic RSI for the BTC/GOLD pair recently crossed up, mirroring the BTC/USD trend. This indicates potential bullish

momentum for Bitcoin.

Conclusion: Bulls vs. Bears

The market remains divided. Bears believe Bitcoin will decline into a bear market, while bulls see this as the start of a significant price surge. Which side are you on?