Bitcoin’s price has rallied from $58k to $60k in less than 24 hours. Whispers about a bull run might be commencing soon. Will Bitcoin’s sudden jump of 2.98% set a bull run in motion?
Retail investment in Bitcoin has reached its lowest in 2024, in comparison to the asset’s halving years in the past in 2016 and 2020. This could be due to Bitcoin’s huge price leaps, making entry points more difficult for retail investors. Likewise, institutional interest in Bitcoin has also pushed prices further up. Large Bitcoin investors taking more interest in Bitcoin signals Bitcoin’s overall health as an investment vehicle keeps strengthening.
To determine whether a bull run is set to motion or Bitcoin’s uptick is a matter of short-term interest, it is important to look into technical analysis.
Bitcoin’s current 30-day RSI stands at 55.78 indicating Bitcoin is in a neutral position. This would be a good time for HODL in case the RSI shifts towards 70. However, one technical tool is often not a solid foundation to base investing or trading decisions. MACD analysis determines that the MACD line has crossed over the Signal line with histograms gradually increasing in size. This attests that the price of Bitcoin is also picking up momentum. For now, investors might look into market sentiment to see which way the wind is blowing.
It is also important to keep the geopolitical purview in mind. If there are no more Trump and Harris face-offs shortly, then Bitcoin’s price can look into $65K right this week. If the bullish momentum keeps us for a week or two, Bitcoin price prediction states the possibility of an uptick as high as $80K for the asset’s price by October.
However, the market heavily depends on the U.S. November elections to set the course of Bitcoin in October. For now, the psychological price point of Bitcoin stands at $65K. If BTC can reach the mark, there is a possibility of a bigger rally. With AO indicator histograms rising gradually, a strong bull run might not be a distant dream.