bitcoin Analyst Chris Burniske Sees Signs of Impending Bull Run
bitcoin (BTC) has been consolidating within a narrow range for several weeks, leaving many traders uncertain about its next move. However, prominent crypto analyst Chris Burniske believes there are subtle signs of an impending bull run, despite the current gloomy market sentiment.
His observations come at a time when both bitcoin and ethereum have been showing consolidation patterns, with traders growing increasingly impatient for a clear direction.
Early Signs of Strength in bitcoin and ethereum
Burniske, a partner at Placeholder Capital and a respected figure in the cryptocurrency community, has been closely monitoring the market for signals of recovery. His latest comments suggest that bitcoin’s current price action may be masking early signs of strength. In a recent tweet, he remarked:
“Continuing to see subtle green shoots, while public sentiment remains depressed.”
This statement indicates that while overall market sentiment remains low, there are underlying positive signals that could point toward an eventual upward move in bitcoin’s price. Burniske is also optimistic about the broader blockchain ecosystem, stating:
“Signs of strength in the long-tail while $BTC & $ETH consolidate and sentiment would make you think Satoshi died. All the while, blockchains continue seeping into the social fabric, even if none of it is fast enough for the impatient.”
Burniske’s bullish outlook is based on the belief that the ongoing integration of blockchain technology into various sectors will provide strong, long-term support for both bitcoin and ethereum.
bitcoin’s Technical Outlook: Short-Term Signals Point to Caution
From a technical perspective, bitcoin is showing both bullish and cautious signals. As of September 17, the BTC/USD pair has been trading near key support and resistance levels, with traders closely watching for a breakout.
On the 2-hour chart, bitcoin has formed an upward trendline starting from the local low near $55,500. This trendline has provided consistent support, with bitcoin bouncing off it multiple times, holding strong around the $57,668 level.
However, the 50-period Exponential Moving Average (EMA) currently sits at $58,748, acting as overhead resistance. bitcoin’s price is hovering just below this level, indicating that the bulls need to reclaim the EMA for any sustained upward momentum.
The Relative Strength Index (RSI), a key momentum indicator, is currently at 35.57, suggesting slightly oversold conditions. This could be an early signal of a potential bounce, as the RSI has started to rise from a recent low, which could hint at an approaching upward move.
If bitcoin manages to break through the 50-EMA and continue its upward trajectory, it could aim for resistance levels at $59,176 and higher.
However, if bitcoin fails to hold its upward trendline support, it may test lower levels at $56,568 or even $55,517, which could result in a bearish scenario for the short term.
What’s Next for bitcoin?
If bitcoin can maintain its support around $57,668 and push through the $58,748 resistance (50-EMA), a rally toward $59,176 or higher could be in the cards. On the flip side, a failure to hold its current support levels could lead to a test of the $55,500 range, introducing further bearish pressure.
- Key Support Levels: $57,668, $56,568, $55,517
- Key Resistance Levels: $58,748 (50-EMA), $59,176
Chris Burniske’s bullish stance reflects his confidence in the broader blockchain ecosystem and its long-term potential. While sentiment in the crypto market may currently appear pessimistic, underlying technical signals suggest bitcoin may be quietly preparing for a significant move.
As always, traders should remain cautious, balancing optimism with risk management as they navigate the volatile landscape of cryptocurrencies.
bitcoin Adoption Grows as crypto All-Stars Nears $1M in Presale
bitcoin’s growing adoption continues to fuel interest in innovative platforms like crypto All-Stars, which is nearing the $1.2M mark in its presale.
With only one day left, the platform has raised $ 1,295,243 out of a $1,536,150 target. The current rate stands at 1 $STARS = $0.0014419, offering investors a limited-time opportunity before the price increases.
crypto All-Stars merges bitcoin’s market influence with meme coin staking, providing unique options for both bitcoin and meme coin holders. Since its launch, the platform has rapidly gained traction, raising $730,000 within its first week. Investors looking to diversify can purchase $STARS using ETH, USDT, BNB, or even a card.
Visit the crypto All-Stars website to join the presale before it ends. Stay updated via X (Twitter) and telegram for future developments.
- Presale Raised: $1.29M out of $1.53M target
- 1 $STARS = $0.0014477
- Time Remaining: 1 day before the price increase
