Bitcoin (BTC) could enter a true FOMO-driven bull run once it reaches the critical price level of $69,500, according to analyst Axel Adler. This level is predicted to trigger panic among sellers who missed out on gains in the current cycle.
$69,500: The Trigger for Bitcoin’s Next Surge
Axel Adler, a verified author on CryptoQuant, explained in a post on X (formerly Twitter) that reaching $69,500 will be pivotal for Bitcoin’s next bull run. Comparing current market behavior to the 2021 bull run, Adler noted that each pre-ATH phase saw its own “false start,” with the latest being the excitement around the approval of Bitcoin spot ETFs in early 2024. This initial surge was short-lived, leading to skepticism in the market.
Historically, Bitcoin has faced stiff resistance near the $70,000 mark, getting rejected twice in the last year. Adler believes that the $69,500 price point could become a key battleground for buyers and sellers, similar to the $63,000-$64,000 zone during previous cycles.
RSI Signals Possible Overbought Conditions
On September 13, Bitcoin’s Relative Strength Index (RSI) climbed above 70, indicating that the asset might be overbought. This development raises concerns that Bitcoin could see increased volatility in the near term.
A Volatility Spike Could Be Imminent
Many analysts are predicting a major market movement for Bitcoin after months of relatively flat performance. One key indicator is the Coinbase Premium Index, which is forming a rare triangular pattern. This pattern suggests that major market players are cautiously observing, waiting for the next significant price move.
At the time of writing, Bitcoin is trading at $59,764, just below the crucial $60,000 level, with a 3.3% gain today. Trading volumes are slightly up, signaling potential market activity on the horizon.
