Leading cryptocurrency Bitcoin (BTC) rose above $117,000 following the FED’s interest rate cut decision last night.
While bullish expectations for Bitcoin continue for October and beyond, one analyst has stated that BTC is in the final stages of the bull run.
CryptoQuant analyst Axel Adler stated in his latest analysis that the Bitcoin bull market continues but has entered its final phase.
According to the analyst, Bitcoin futures are trading at a higher premium to its spot price, suggesting that BTC is in the final stages of a bull market.
Adler noted that BTC futures prices have been consistently higher than spot prices, and that overheating occurred just before the last FOMC meeting.
This premium difference between the futures price and the spot price is a characteristic feature of a late-stage bull market, the analyst noted.
Under these conditions, the analyst predicted a 70% probability of a gradual rally or sideways price movement in Bitcoin over the next two weeks.
Adler recently said that as the Bitcoin price rises, new long positions may also increase, potentially pushing BTC to a new record high.
“If Bitcoin price, base and open interest (OI) show an upward trend in the next few days, it means that new long positions are increasing.
This could be a signal that increases the likelihood of a new peak forming.”
The analyst’s latest analysis is consistent with his previous analysis from early September, when he predicted that the cycle peak could occur between October and November.
*This is not investment advice.