Real Vision crypto analyst Jamie Coutts says that Bitcoin (BTC<\/a>) is poised to continue rallying after a temporary correction.<\/p>\n The former Bloomberg analyst tells<\/a> his 12,800 followers on the social media platform X that Bitcoin appears to have broken up a bearish flag pattern and is gearing up for a bigger move to the upside.<\/p>\n \u201cBitcoin seems ready to teleport higher as it breaks the flag pattern from the head fake at the all-time highs. Blue sky (no historical overhead resistance) is an accelerant for bull markets.\u201d<\/em><\/p>\n The analyst says two key indicators, the funding rates and the Relative Strength Index (RSI), suggest Bitcoin is ready to soar again.<\/p>\n The funding rates are fees paid between long and short positions in Bitcoin\u2019s perpetual futures contracts. The RSI is a widely used momentum indicator that aims to determine if an asset is overbought or oversold.<\/p>\n \u201cThe pullback has allowed funding rates to recede back to something more \u2018normal\u2019 (20% annually) and the RSI backed off from overbought (RSIs are regularly overbought in strong uptrends).\u201d<\/em><\/p>\n The analyst also says that long-term holders are selling as Bitcoin reaches new all-time highs, but demand from the recently launched spot Bitcoin exchange-traded funds (ETFs) may absorb the supply.<\/p>\n \u201cOn-chain it\u2019s evident that long-term holders are distributing at the most aggressive pace since November 2020. The extent of ETF demand to absorb this supply will have a large bearing on the shape and duration of this bull market.\u201d<\/em><\/p>\n Coutts previously said<\/a> he thinks that gold will vastly underperform digital assets in the current market cycle.<\/p>\n Bitcoin is trading for $69,909 at time of writing, down slightly in the last 24 hours.<\/p>\n Don’t Miss a Beat \u2013 Subscribe<\/a> to get email alerts delivered directly to your inbox <\/span><\/em>   Generated Image: DALLE3<\/em><\/span><\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":" Real Vision crypto analyst Jamie Coutts says that Bitcoin (BTC) is poised to continue rallying after a temporary correction. The former Bloomberg analyst tells his 12,800 followers on the social media platform X that Bitcoin appears to have broken up a bearish flag pattern and is gearing up for a bigger move to the upside. […]<\/p>\n","protected":false},"author":2,"featured_media":272470,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[173],"tags":[201,248,251,246,257,255,250,252,247,253,249,256,254],"class_list":["post-272469","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-others","tag-blockchain","tag-bsc","tag-chainlink","tag-coin","tag-cryptocurrency","tag-gta","tag-looks-rare","tag-oracle","tag-polygon","tag-quickswap","tag-safe-moon","tag-wallet","tag-wordpress"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/272469","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=272469"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/272469\/revisions"}],"predecessor-version":[{"id":272472,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/272469\/revisions\/272472"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/272470"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=272469"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=272469"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=272469"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
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