Bitcoin (BTC) is finally making a comebacThe recent spikes in price could be the beginning of a much-anticipated bull run. This renewed momentum, as the crypto retests $57,000, could spark a price rally. driving more gains for Bitcoin.
Bitcoin Retests new levels at $57,000
Santiment, an online platform for market research, announced a positive development in the industry on Tuesday, September 10. Bitcoin’s price movements. The platform is revealed on an X. post Bitcoin’s value on the market has seen a significant increase. skyrocketing to $57,600 This week.
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Bitcoin’s value surged by more than 4.8% Monday, 9th September, a major milestone in the history of cryptocurrency. persistent price declines Over the last few months. Early in August, Bitcoin’s price fell below $50,000. This represents a more than 20 percent decline.
The massive drop in prices was caused by a number of factors, including large scale liquidations from the German government Increased fears of market instability and speculation fueled the increase in selloffs. Mt.Gox’s Bitcoin distribution plan. Bitcoin’s price rose from its previous lows as the market processed the crash.
Current, there are two types of cryptocurrency is retesting new support levels around $57,000. This price could be the beginning of a much larger rally. Santiment revealed that Bitcoin’s recent increase in price has been a result of short-selling activity on major cryptocurrency exchanges like Binance and Bitmex, which has continued since September 7.
The market intelligence platform believes that the fear, uncertainty and doubt (FUD), which is prevalent among investors, could be contributing to a higher Bitcoin price.
You can also find out more about this by clicking here. bullish sentiment Shared by Michael van de Poppe is a well-known crypto analyst who has authored several books. reported Bitcoin’s price is currently between $58,000 to $56,000. Poppe said that Bitcoin’s price is very strong, while others disagree. altcoins are gaining momentum.
Analyst expressed his surprise at how Bitcoin managed to overcome the previous bearish setup to reach above $56,000. As such, Poppe expects more positive inflows into the market Bitcoin could retest $55,000. He believes The price of cryptocurrency could rise to between $60,000. and $61,000. in the coming week.
BTC to Breakout Soon?
A crypto analyst, identified as ‘Rekt Capital’ on X has made a bullish projection Bitcoin’s price is likely to break out soon. Bitcoin’s historical patterns suggest it could be a potential breakout cryptocurrency. experience a significant price rally The push-out of the bearish trends next Two weeks.
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Rekt Capital announced that it will be releasing a new report every month. September is typically a bearish period Bitcoin’s monthly return is limited. Bitcoin is likely to surge in value by October and continue this upward trend into November or December.
Featured image was created with Dall.E chart, from Tradingview.com
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Source: www.newsbtc.com