Real Vision crypto analyst Jamie Coutts believes Bitcoin (BTC) is poised for a continued rally following a temporary dip.
Technical Indicators Point to Bullish Momentum
Coutts analyzed technical indicators and found that Bitcoin has broken out of a bearish flag pattern, signaling a potential surge. Additionally, funding rates and the Relative Strength Index (RSI) suggest that the cryptocurrency is ready to move higher.
Long-Term Holders Selling, but ETF Demand May Offset
Coutts noted that long-term Bitcoin holders are selling as the asset reaches new highs. However, he believes that demand from recently launched spot Bitcoin exchange-traded funds (ETFs) could absorb this supply.
Bitcoin’s Dominance over Gold
Coutts previously predicted that gold would underperform digital assets in the current market cycle. Bitcoin’s recent surge supports this view.
Current Market Conditions
At the time of writing, Bitcoin is trading at $69,909, slightly down from the previous 24 hours.
