BTC technicals and hash rate indicate that the market is on the verge of a bullish breakout
According to Weiss Crypto, the crypto-focused arm of leading financial advisor Weiss Ratings, Bitcoin (BTC) is on the verge of a bullish run. spread Despite the unconvincing market action over the weekend.
The financial rating firm stated in its report that technical indicators show that the BTC price is close to a bullish breakout from its descending channel, which has been stuck since November 2021. Rising above this level would make BTC “very bullish in the technical sense,” the report noted.
Technical indicators are not the only metrics painting a bullish picture for the leading cryptocurrency. In a tweet, Cryptoquant CEO Ki Young Joo explained that BTC’s hash rate continues to renew all-time highs.
Ju, who was responding to a tweet by on-chain analyst Charles Edwards who said Bitcoin institutional adoption was reaching new frenzied levels, asserted that the growth was essentially thanks to Foundry, the biggest BTC mining pool operator.
Major players also have enthusiasm for BTC
Bitcoin supporters are not spared from anticipating a BTC rally in the near future. Most recently, Michael Saylor, CEO of MicroStrategy, reminded Billionaire hedge fund manager Ray Dalio of bitcoin’s many benefits over legacy financial systems.
In a similar reiteration of bullishness, best-selling author of “Rich Dad, Poor Dad” Robert Kiyosaki stated that he now recommends BTC over investing in real estate.
Despite the bullish signs in the market, the bulls have been warned that the market may remain volatile.
“Bitcoin bulls need to show extended strength this week to increase the chances of a bullish Q4. Hence, I am anticipating increased volatility following the months of range-bound trading, consolidation and prolonged negative funding rates,” the Weiss report said.
