Why Bitcoin Retesting $57,000 Is Good For The Price
September 11 2024 - 6:00PM
NEWSBTC
Bitcoin (BTC) is finally making a comeback, with recent price
spikes signaling a potential start of the long-awaited market bull
run. As the cryptocurrency retests the $57,000 level, this renewed
momentum could ignite a positive price rally, potentially driving
more gains for Bitcoin. Bitcoin Retests New Levels At $57,000
On Tuesday, September 10, Santiment, a market intelligence
platform, disclosed a new positive change in Bitcoin’s price
movements. The platform revealed in an X (formerly Twitter) post
that Bitcoin’s market value has experienced a notable uptick,
skyrocketing to $57,600 this week. Related Reading: Crypto
Analyst Predicts Dogecoin Will Rise 3,600% To $3.7, Here’s When
Notably, Bitcoin’s price surged more than 4.8% on Monday, September
8, marking a significant milestone for the cryptocurrency, which
has been recording persistent price declines over the past few
months. Earlier in August, the price of Bitcoin crashed below the
$50,000 level, reflecting a decline of more than 20%. This
massive price decline was triggered by various factors including
large scale liquidations from the German government and the
increased sell off fears and market uncertainty fueled by Mt.Gox’s
Bitcoin distribution plan. As the market digested the price crash,
Bitcoin fought its way back from previous lows to hit its current
price above $56,000. Currently, the cryptocurrency is
retesting new support levels around $57,000. A push above this
price mark could potentially signal the onset of an even larger
rally. Santiment has disclosed that Bitcoin’s recent price increase
has come amidst short-selling activities ongoing on major crypto
exchanges such as Binance and Bitmex since September 7. Based
on the current market sentiment, the market intelligence platform
suggests that the prevailing Fear, Uncertainty and Doubt (FUD)
amongst investors in the crypto market could contribute to an even
higher price surge for Bitcoin. This bullish sentiment is
also shared by Michael van de Poppe, a popular crypto analyst, who
has reported that Bitcoin is presently holding a price range
between $58,000 and $56,000. Poppe indicated that the
cryptocurrency is showing strong price fundamentals, while many
altcoins are gaining momentum. The analyst expressed surprise
that Bitcoin was able to invalidate his previous bearish set up to
break above $56,000. As such, Poppe expects more positive inflows
into the market if Bitcoin can have a retest above $55,000. He
believes that if the cryptocurrency can break through this level,
its price could surge to new levels between $60,000 to $61,000 in
the coming weeks. Historical Patterns Suggests Imminent
BTC Break Out A crypto analyst, identified as ‘Rekt Capital’ on X
has made a bullish projection for Bitcoin, anticipating a major
price breakout for the cryptocurrency soon. Historical patterns
currently suggest that Bitcoin could potentially experience a
significant price rally and push out of bearish trends in the next
two weeks. Related Reading: Ethereum In 3 Months: Legendary
Analyst Reveals Prediction For December Rekt Capital has disclosed
that the month of September is typically a bearish period with
limited monthly returns for Bitcoin. However, chances are that by
October, Bitcoin’s price could surge considerably, extending this
positive momentum into November and December. Featured image
created with Dall.E, chart from Tradingview.com
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