The crypto enthusiast CryptosRUs shared a positive perspective on Bitcoin’s future during his live video stream on Oct. 30. He emphasized the optimistic technical and fundamental factors that support Bitcoin’s growth potential.
Highlighting a major technical aspect, the YouTuber referred to the golden cross pattern on Bitcoin’s daily chart, asserting that this indicates a sustainable bull market for the leading cryptocurrency. A golden cross occurs when a short-term moving average climbs above a long-term moving average, marking the beginning of an upward trend.
He expressed his belief that this golden cross phenomenon might persist up until 2025, taking historical trends into account. Furthermore, he discussed the possibility of Bitcoin swiftly surpassing the $35,000 mark.
He mentioned that surpassing this threshold could potentially lead to a short squeeze, propelling Bitcoin’s value even higher to around $37,000.
On the fundamental side of things, CryptosRUs spotlighted the advancements made by prominent asset management firms BlackRock and VanEck in launching their own Bitcoin ETFs. He speculated that BlackRock might commence purchasing Bitcoin for its ETF towards the end of October, in anticipation of a likely approval of a Bitcoin ETF in November.
CryptosRUs expressed his belief that an approval from the SEC for Bitcoin ETFs could usher in a wave of institutional investment into Bitcoin and the wider crypto market, acting as a significant driver to elevate Bitcoin’s value to new peaks, possibly reaching between $40,000 to $50,000 by the end of the year.
Summing up, the crypto analyst projected a highly optimistic outlook for Bitcoin in both short and long term, attributing it to strong technical indicators and fundamental factors such as increasing institutional interest. He encouraged the audience to adopt a bullish stance and remain optimistic amidst the current market scenario, suggesting that now is the time to be “cheering and greedy” rather than fearful.