So far, Bitcoin has seen a mix of bullish and bearish moves in the past day. However, looking at its current performance in the market, a bullish trend is visible, but will it be sustainable?
Before the US Federal Reserve announced a cut in interest rates, Bitcoin’s trading price saw a slight drop. However, after the announcement, the flagship crypto’s price suddenly surged and hit the $60,000 level.
Bitcoin continues to surge and is trading at $63,006, marking a 5.6% increase over the last 24 hours.
Is this bitcoin boom real?
The sudden surge in Bitcoin over the past few days has led to many traders and analysts sharing their perspectives on the asset, with many focusing on the next potential trajectory of Bitcoin’s price.
Despite the ongoing rally, some experts are urging caution and highlighting underlying market signals that could impact the sustainability of this uptrend.
One such expert, crypto trader Josh Olszewicz, shared his insights on the matter, suggesting that while the current picture appears optimistic, there are still some concerns to consider before expecting a sustained bull run.
According to Olszewicz, Bitcoin’s recent move has pushed it above the daily Ichimoku Cloud – a technical analysis indicator used to measure market trends – signaling a potentially bullish scenario.
However, he stressed that this indicator alone does not guarantee a continued upward trend. In particular, Olszewicz pointed out that the Cloud and the Tenkan-sen and Kijun-sen (TK) crosses are still bearish.
$btc
We are once again above the daily cloud, however we still have the bearish cloud and bearish TK cross.
Furthermore, the last three Kumo breakouts this year have gone nowhere. So while this is certainly a more bullish picture than a few days ago, the cloud… pic.twitter.com/bmlqKM9g6c
— #333kByJuly2025 (@CarpeNoctom) September 19, 2024
What will be the outcome of a sustainable rally?
Olszewicz revealed that for a more definitive bullish signal, the cloud needs to enter bullish mode, as well as a bullish TK cross. This setup would provide strong confirmation of the continuation of the bullish trend.
Olszewicz also said that previous Kumo breakouts this year have failed to bring significant price gains, adding uncertainty to the current breakout.
He suggested that analyzing Bitcoin on a longer timeframe, such as the two-day Ichimoku Cloud, could provide a clearer perspective.
A bullish breakout on this timeframe and an eventual bullish TK cross could provide a more reliable signal of a continued bullish trend for Bitcoin.
Featured image created by DALL-E, chart from TradingView
