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Bitcoin hits the bull market cross; BTC rally imminent?

Bitcoin hits the bull market cross; BTC rally imminent?
Paul L.

Bitcoin (BTC) continues to exhibit bullish sentiments despite the asset undergoing recent minor corrections triggered by increased regulatory scrutiny in the United States. The bullish outlook is backed by technical indicators that hint at the crypto’s possible continued future rallying. 

Particularly, the maiden cryptocurrency has hit the bull market cross-level that has historically ushered in a sustained rally, according to Bitcoin technical analyst CryptoCon.

According to the analyst, investors with the most ‘mental fortitude’ can buy Bitcoin under its current realized price, despite the challenging narratives around economic recession and the psychological barrier of a $10,000 price point. 

“Only those that have the most mental fortitude can buy Bitcoin under realized price, fighting narratives like $10,000 and a recession. Many will wait on a 2015 scenario where Bitcoin returns to lows and miss out entirely. The Bull Market cross is here, it’s time to get on board. 

Bitcoin realized cap v market cap chart. Source: CryptoCon

Bitcoin dominated by bullish sentiments

The technical indicator comes when Bitcoin briefly reclaimed the $25,000 position. Despite slightly plunging below the position, the crypto’s bulls are exhibiting the overall technical advantage. 

As reported by Finbold, Bitcoin attained the third Stochastic relative strength index (RSI) bullish crossover on its two-month chart. Based on the development, the number one crypto market cap indicates “an extremely bullish signal in macro view.”

By press time, Bitcoin was trading at $24,052 with daily losses of about 3%. On the weekly chart, BTC is up over 11%. 

Bitcoin seven-day price chart. Source: Finbold

Based on the recent price movement, senior technical analysts Jim Wyckoff pointed out that Bitcoin’s path of least ‘resistance for prices remains sideways to higher in the near term.’

Furthermore, analysts opine that if Bitcoin holds above $25,000, it could open room to reclaim $30,000. Currently, Bitcoin’s bullish sentiment is also backed by growing onchain activity, as highlighted by the Taproot adoption, which hit an all-time high of 13%. 

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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