Pseudonymous crypto analyst CrediBULL Crypto believes that the current bull market is just the beginning of the excitement yet to come.
What Happened: According to CrediBULL Crypto, the largest moves in the market occur when the Relative Strength Index (RSI) surpasses the overbought threshold on higher time frames, starting with the weekly timeframe.
"You think these last couple of days have been crazy? It’s nothing compared to what we will see in the coming weeks. The biggest moves occur as RSI pushes into overbought territory on higher time frames, starting with the weekly. We’re just getting warmed up," the analyst said about BTC.
These observations come on the heels of Bitcoin’s surge past the significant threshold of $34,000, igniting enthusiasm among investors and fueling a broader market rally.
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Why It Matters: In parallel with Bitcoin’s price surge, an important development related to the highly anticipated spot Bitcoin ETF by BlackRock, known as the iShares Bitcoin Trust, has recently taken place. This ETF has made its appearance on the Depository Trust and Clearing Corporation’s (DTCC) curated list, indicating progress towards its launch.
CrediBULL Crypto added, “A day after we closed back above 30k and we already had a $5,000 DAILY candle. People starting to wake up.”
Price Action: At the time of writing, BTC was trading at $34,445.86, up 12.61% in the last 24 hours, according to Benzinga Pro.
Photo by 99Art on Shutterstock
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