CryptoQuant analyst Axel Adler believes Bitcoin (BTC) needs to break through the $69,500 level to ignite a true FOMO-driven bull run. He argues that this price point will trigger 'fear of missing out' among previous sellers who fear missing further gains.
Bitcoin is on track to enter the phase of a real FOMO -driven bull run . The level just below the previous ATH will bring all sellers back rushing for missed profits, analyst Axel Adler says. Bitcoin , the largest cryptocurrency, needs to hit $69,500 to let the proper bull run kick off. This level will activate the"fear of missing out" for those who already sold their BTC in this cycle, CryptoQuant's verified author Axel Adler shared on X today, Sept. 14, 2024.
The bull rally will begin when the price rises above $69.5K, this level will trigger FOMO in the market, and everyone who previously made profits on BTC will return, fearing to miss out on gains.On a logarythmic scale, Adler demonstrated similar periods for the 2021 bull run, as well as for the 2024 local tops. Every phase of maximum pre-ATH FOMO saw its own"false start" moment, at least in the last four years.
Yesterday, Sept. 13, 2024, Bitcoin's relative strength index jumped over 70 for the first time in weeks, which means the asset might be overbought right now.Meanwhile, more and more analysts are foreseeing a market storm incoming after months of anemic performance for Bitcoin and major altcoins. For instance, as per some estimations, the Bitcoin Coinbase Premium Index is forming a rare"triangular pattern" with the upper and lower bounds getting closer and closer to each other.Bitcoin is up by 3.3% today. It yet again failed to conquer the $60,000 level and is sitting at $59,764 with a slightly increased trading volume.
Bitcoin Bull Run FOMO Price Prediction Cryptoquant
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