Bitcoin (CRYPTO: BTC) may have more room to run after surging more than 25% since mid-August, as Fairlead Strategies founder Katie Stockton points to improving momentum and an ongoing basing breakout.
Bitcoin Clears Key Resistance
In an interview with CNBC on Tuesday, Stockton said Bitcoin is no longer oversold following its sharp rally, but importantly, “it’s not overbought yet.”
While market bottoms often involve prolonged basing periods and multiple retests, Stockton says Bitcoin’s basing process may have begun in June, with July providing the necessary retest.
“We have what looks to be a base breakout underway,” Stockton pointed out.
