Bitcoin has failed in attempts to exceed $ 10,500 in recent weeks, but analysts say the cryptocurrency will continue a new bull run in the coming months.
Bitcoin Graphics Call For Another Bull Run
A prominent crypto trader shared the chart below on June 13 and said that Bitcoin’s two-week relative strength index (RSI) was rally. In addition, the analyst stressed that in this latest formation, there was a 4000% increase in the price of Bitcoin, which increased from $ 500 to $ 20,000.
The RSI boom is not the only trend that made analysts believe that the start of a macro bullish trend is on the horizon. Technical analyst Eric shared the chart below. The chart shows BTC’s macro price movement and two main trend indicators: Chaikin Money Flow (CMF) and Stochastic RSI (Stoch RSI).
The analyst noted that both indicators, as described earlier, seemed to be the beginning of the 2016-2017 bull run, which led Bitcoin to $ 20,000. According to the analyst, these signs show that “the time to buy Bitcoin under $ 10,000 is limited”.
Bitcoin Purchase Pressure
The expectation for another Bitcoin bull run to start may be supported by the underlying market trends. The data show that CME has recently experienced exponential growth in the Bitcoin futures market. It was observed that the amount of CME’s value in the Bitcoin market increased by 310% only in 2020.