Bitcoin bull Jan3, who has previously predicted a rally to $1 million, has hinted at an upcoming rally in a cryptic post on X.
Mow, who has made several bullish posts about Bitcoin, posted “It is time” on his X account. The post responded to a GIF of a dragon spitting green fire from his mouth posted by his former Blockstream boss, Adam Back.
The dragon spitting the green flame symbolizes an “Omega candle” created by BTC. Mow’s bullish thesis comes as Bitcoin retraces gains and braces for a downtrend.
Bitcoin Retraces Recent Gains
The price of Bitcoin has been on a bearish trend over the past week. After the recent gains driven by the hype around the approval of spot Ethereum exchange-traded funds (ETFs), BTC cooled off and is now consolidating.
Bitcoin was trading at $68,441 at 07:38 EST on May 27, a nearly 2% drop in the last seven days.
The Relative Strength Index at 69 points shows that sellers are not presently in the market, which makes the case for further gains. The RSI line is also tipping north, showing buyers might be taking control of the market and driving the rally.
The trend of the RSI line also indicates that Bitcoin has created higher lows. The gradual rise validates Mow’s analysis that gains might be on the horizon.
The bullish thesis is also validated by the smoothed moving average, acting as support. The price is holding above a critical support of $61,476. A decline below this level could see BTC dropping further lower, and the bearish thesis will come into play.
The weekly timeframe also shows $72,002 as the key resistance level to overtake. The bullish thesis will be confirmed if the price can beat this level.
Bitcoin Bull Go All in on Bitcoin
Mow is not the only Bitcoin bull that is predicting gains to come. The author of “Rich Dad, Poor Dad,” Robert Kiyosaki, has applauded the dominance of Bitcoin over other financial assets such as gold and bonds.
In a recent post on X, Kiyosaki urged his followers to pile up on Bitcoin saying that the price would potentially explode. He further aimed at the traditional finance industry saying markets such as real estate and bonds would crash.
Michael Saylor, one of the most prominent Bitcoin bulls, has also supported digital assets. In a recent post on X, Saylor alluded that Bitcoin’s time was ripe.
Saylor said,
Nothing is more powerful than an idea whose time has come.
Saylor’s post responded to former US President Donald Trump’s recent bullish sentiments. Trump has been making pro-crypto remarks during his ongoing campaign. Recently, he said that the future of Bitcoin and crypto would be secured in the US if he is elected president.
