Prominent Indicator Points Towards a Prospective Bitcoin Bull Market

According to CoinDesk: Bolstered by a critical indicator, Bitcoin (BTC) looks set for a potentially explosive bull run, heralding a strong multi-week uptrend for the leading cryptocurrency.The 14-week Relative Strength Index (RSI) for Bitcoin is suggestive of this trend, having crossed above the 70 mark. The RSI is instrumental in assessing the pace and change of price movements, and a score of above 70 has previously signaled FOMO (fear of missing out) phases during the mid-2019 and late 2020 bull runs. These phases witnessed a surge of investment in the cryptocurrency from both seasoned and novice traders, driven by the fear of missing out on a lucrative opportunity.Contrary to popular opinion that interprets a reading over 70 as signaling overbought conditions and a potential bearish reversal, technical analysis textbooks assert the opposite. A score above 70 on longer duration charts indicates intense bullish momentum, suggesting the continuation of an upward rally in the weeks to come, as was the case in 2019 and 2020.Borrowing from a Wall Street adage, indicators can stay overbought for longer than bears can remain solvent. However, it's important for traders to bear in mind that macroeconomic developments can drastically influence technical chart patterns and should thus remain alert to possible black swan events.