Crypto influencer CryptosRUs discussed the bullish technical and fundamental outlook for Bitcoin in his Oct. 30 livestream video.
The YouTuber pointed to Bitcoin’s golden cross formation on the daily chart as a major technical indicator suggesting the top cryptocurrency is in a long-term bull market. The golden cross occurs when a short-term moving average crosses above a long-term moving average, signaling the start of an uptrend.
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He believes this golden cross could last until 2025 based on historical patterns. The youtuber also discussed Bitcoin potentially breaking $35,000 soon.
If we do break above, most likely we’ll get some kind of short squeeze or something like that. And then we could definitely break above to $37,000.
CryptosRUs
On the fundamental side, CryptosRUs highlighted that major asset managers BlackRock and VanEck appear close to seeding their spot Bitcoin exchange-traded funds (ETFs). He speculated that BlackRock may start buying Bitcoin for its ETF by the end of October in anticipation of a potential spot Bitcoin ETF approval in November.
CryptosRUs believes an SEC approval of spot Bitcoin ETFs could trigger an influx of institutional capital into Bitcoin and crypto markets more broadly. This would serve as a key catalyst to propel Bitcoin to new highs by year’s end, with price targets of $40,000 to $50,000.
Overall, the crypto analyst conveyed an overwhelmingly bullish outlook on Bitcoin in both the near-term and long-term based on positive technical indicators and fundamentals like growing institutional adoption. He advised viewers to remain greedy rather than fearful during the current market conditions.
This is definitely a time to be cheering and greedy rather than fearful and whatever else.
CryptosRUs
Read more: Bitcoin holds above $34k, sell signal is still there
