According to several professionals, the rise in the price of bitcoin (BTC) is imminent. An analyst lately said that the largest crypto by market capitalization is currently undervalued in the market. Find out what points to an upcoming rally for bitcoin (BTC).
Evidence of an impending rise in bitcoin (BTC)
According a tweet by Will Clemente on September 10, “ the market is underweight in BTC. He added that“BTC dominance bounces off 2018 support.” According to this expert who is passionate about digital assets, the flagship crypto presents different bullish signals. First there is the BTC futures negative funding on cryptocurrency exchanges. In addition, the BTC index is at its lowest level since 2018. This indicates that it is starting to position itself again to dominate the market.
For Will Clemente, divergences and on-chain metrics are also bullish signals for the crypto. The expert added that based on the positive words from the heads of the main exchanges, we can say that the BTC market has reached the bottom. He also talked about the Fed’s monetary policy which seeks to fight inflation. He said that this policy has a direct impact on the listing of cryptocurrencies.
Moreover, he made it clear that it is advisable to wait for inflation to decline, especially following the aggressive rate hikes by the FED.
For Will Clemente, bullish signals are evident in the bitcoin (BTC) market. It must be said that lately, the flagship crypto has managed to cross the $21,500 mark. Thus, we can hope for a rise if the price continues until the opening of the American stock market. In addition, some believe that the bitcoin (BTC) market owes its recent slight rise to the last interview of the King of Great Britain, Charles III.
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