Crypto Influencer Discusses Bullish Outlook for Bitcoin
CryptosRUs, a popular crypto influencer, recently shared his optimistic views on the future of Bitcoin in a livestream video. He highlighted both the technical and fundamental factors that support a bullish outlook for the cryptocurrency.
Golden Cross Formation
One of the major technical indicators mentioned by CryptosRUs is the golden cross formation on Bitcoin’s daily chart. This occurs when a short-term moving average crosses above a long-term moving average, signaling an uptrend. Based on historical patterns, he believes this golden cross could last until 2025.
Potential Breakout Above $35,000
In addition to the golden cross formation, CryptosRUs discussed the possibility of Bitcoin breaking above $35,000 soon. He suggested that if this level is breached, it could lead to a short squeeze and potentially push the price to $37,000.
Institutional Adoption and ETF Approval
On the fundamental side, CryptosRUs highlighted the potential impact of major asset managers BlackRock and VanEck launching spot Bitcoin exchange-traded funds (ETFs). He speculated that BlackRock may start buying Bitcoin for its ETF by the end of October, anticipating approval in November. This could attract institutional capital and serve as a catalyst for Bitcoin’s price to reach new highs by year’s end.
Remaining Greedy in Market Conditions
Overall, CryptosRUs expressed an overwhelmingly bullish sentiment on Bitcoin and advised viewers to remain greedy rather than fearful during current market conditions. He emphasized positive technical indicators and growing institutional adoption as key reasons for his optimism.
Hot Take: Positive Outlook for Bitcoin Driven by Technicals and Fundamentals
CryptosRUs believes that Bitcoin is in a long-term bull market, supported by the golden cross formation on the daily chart. He also sees potential for a breakout above $35,000 and highlighted the impact of institutional adoption and potential ETF approvals. With these factors in mind, he remains optimistic about Bitcoin’s future and advises viewers to maintain a greedy mindset.
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