Crypto:
29881
Bitcoin:
$68.615
% 0.77
BTC Dominance:
%52.7
% 0.31
Market Cap:
$2.57 T
% 0.03
Fear & Greed:
75 / 100
Bitcoin:
$ 68.615
BTC Dominance:
% 52.7
Market Cap:
$2.57 T

Famous Analyst’s Bitcoin Comment! “The Bull is Coming”

Bitcoin

Following the recent significant rises, eyes are turned to Bitcoin. Investors are wondering whether the recent rises are a bull signal or not. A prominent analyst made a statement regarding the issue.

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After the FED’s interest rate decision, Glassnode‘s co-founder Yann Allemann made a positive rise comment for BTC. Allemann pointed out that the relative strength index (RSI) momentum indicator, used to measure price movements in Bitcoin, gave a bullish signal and indicated that this could point to further increase in Bitcoin in the near future.

RSI highlighted that it rose above 70, which is the critical threshold indicating the FOMO (Fear of Missing Out) phase of the bull rallies experienced in mid-2019 and at the end of 2020, Allemann pointed out that this level generally represents an overbought situation and the signal of an impending downward trend. However, in the long-term outlook of BTC, he added that an RSI above 70 indicated that the uptrend momentum was strong and the asset could continue to rise in the coming weeks, similar to the rallies in 2019 and 2020.

Allemann’s evaluation is as follows: “The momentum in Bitcoin is strong! This shows that BTC may rise even further soon. Historically, RSI above 70 shows strong momentum in Bitcoin and that BTC is rising strongly. Now we are again in a situation where RSI is above 70.


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