Bitcoin (BTC) is finally making a comebackk, with recent price spikes signaling the potential start of the market’s long-awaited bull run. As the cryptocurrency retests the $57,000 level, this renewed momentum could spark a positive price rally, potentially ensuring more growth for bitcoin.
Bitcoin Retests New Levels at $57,000
On Tuesday, September 10, market analysis platform Santiment reported a new positive development Bitcoin Price Dynamics. The platform featured in X (formerly Twitter) mail that the market value of Bitcoin has increased significantly, soars to $57,600 This week.
Notably, the price of Bitcoin rose more than 4.8% on Monday, September 8, marking a major milestone for the cryptocurrency, which has been experiencing record growth rates. constant price reduction over the past few months. Earlier in August, the price of Bitcoin fell below $50,000, representing a drop of more than 20%.
This significant price decline was caused by a variety of factors, including large-scale liquidations by the German government and increased fears of a sell-off and market uncertainty caused by Mt.Gox Bitcoin Distribution PlanWhile the market digested the price drop, Bitcoin rebounded from previous lows to reach its current price above $56,000.
Currently Cryptocurrency Retests New Support Levels around $57,000. Breaking this price mark could potentially signal the start of an even bigger rally. Santiment revealed that the recent rise in Bitcoin’s price has come amid short selling that has been ongoing on major cryptocurrency exchanges like Binance and Bitmex since September 7.
Based on current market sentiment, the market analytics platform suggests that the prevailing fear, uncertainty, and doubt (FUD) among investors in the cryptocurrency market could contribute to further increases in Bitcoin prices.
This optimistic moods also divided Michael van de Poppe, a popular cryptanalyst who reported that Bitcoin is currently holding a price range of $58,000 to $56,000. Poppe pointed out that the cryptocurrency is showing strong price fundamentals, while many Altcoins are gaining momentum.
The analyst expressed surprise that Bitcoin was able to refute his previous bearish sentiment and break above $56,000. Thus, Poppe expects more positive market inflow if Bitcoin can rise above $55,000 again. He believes that if the cryptocurrency can break through this level, its price could rise to new levels in the range of $60,000 to $61,000 in the coming weeks.
Historical Patterns Point to Inevitable BTC Breakout
A crypto analyst known on the X site as “Rekt Capital” made the following statement: bullish forecast for Bitcoin, expecting a major price breakout for the cryptocurrency in the near future. Historical patterns currently suggest that Bitcoin could potentially survive a significant increase in prices and exit bearish trends within the next two weeks.
Rekt Capital reported that the month September is a typical bearish period with limited monthly returns for Bitcoin. However, there is a chance that the price of Bitcoin could rise significantly by October, extending this positive momentum into November and December.
