Real Vision’s market expert Jamie Coutts has provided an optimistic forecast for Bitcoin‘s price direction. Post-correction, he anticipates the cryptocurrency to resume its ascent, contrasting with the common skepticism surrounding gold’s performance. Coutts, formerly of Bloomberg, has publicly shared his analysis, which is grounded in pivotal market indicators suggesting a bullish trend for Bitcoin.
Bitcoin’s Bullish Signals Emerge Clearly
Highlighting Bitcoin’s exit from a bear flag pattern, Coutts predicts a sizable potential for price increase in the near term. The absence of significant resistance, described metaphorically as “blue sky,” is seen as a catalyst for bolstering bull market dynamics and propelling a notable upward trajectory.
Coutts bases his positive outlook on certain technical metrics, namely the funding rate and the Relative Strength Index (RSI). The funding rate has achieved equilibrium following normalization, and the RSI has dipped from high levels, hinting that the market is poised to shift from a downtrend to an uptrend.
Despite acknowledging a sell-off by long-term Bitcoin holders after the coin hit its peak price, Coutts is buoyed by the introduction of spot Bitcoin ETFs in the US. He believes these funds could tip the scales of supply and demand, shaping the bull market’s trajectory and longevity.
Gold’s Lackluster Outlook Versus Cryptocurrency Confidence
Coutts has been vocal in his conjecture that gold will trail behind cryptocurrencies in the current economic cycle. He emphasizes a potential surge in digital currencies like Bitcoin, drawing interest from those in the crypto sphere who view these assets as burgeoning alternatives for investment.