Bitcoin Poised for Another Bull Run, Analyst Predicts
The time has come for Bitcoin to make its move, with crypto analyst Axel Adler foreseeing a 300-day bull run fueled by profitable short-term holders and a market with plenty of strength left.
Profitable Short-Term Holder Trends
Adler highlights the Short-Term Holder Spent Output Profit Ratio (STH SOPR) as a key indicator. The current 90-day moving average for STH SOPR is 1.015, showing that short-term holders are profiting but have not yet reached the levels seen in previous bull markets.
This suggests there is still room for more profit-taking before the bulls may start to tire.
Technical Signals Signal Momentum
Adler also points to technical indicators that support a bullish outlook. The Relative Strength Index (RSI) has not crossed above 70, a level associated with being overbought, indicating a healthy and sustainable rally.
Meanwhile, the Chaikin Money Flow (CMF) has surpassed positive 0.05, signaling significant capital inflows and increasing investor interest in Bitcoin.
Challenges Ahead for Bulls
Despite the positive indicators, there are still hurdles for the bulls to overcome. Key resistance levels at $79k, $88k, and $97k could pose challenges for Bitcoin’s price momentum.
If the current upward trend continues, these resistance levels may be broken, potentially leading to a retest of the all-time high at $73,700 and further gains beyond.
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