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Bitcoin (BTC) is finally making a comebackk, with recent price spikes signaling a possible start to the market’s long-awaited bull run. As the cryptocurrency retests the $57,000 level, this renewed momentum could spark a positive price rally, possibly creating more profits for Bitcoin.
Bitcoin is once again testing new levels at $57,000
On Tuesday, September 10, Santiment, a market information platform, announced a new positive change in the market Bitcoin price movements. The platform unveiled in an X (formerly Twitter) after that the market value of Bitcoin has experienced a remarkable increase, skyrocketing to $57,600 this week.
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Remarkably, Bitcoin’s price rose more than 4.8% on Monday, September 8, marking a major milestone for the cryptocurrency, which has been on an upward trend. continued price declines the past few months. Earlier in August, Bitcoin’s price crashed below the $50,000 level, reflecting a drop of more than 20%.
This huge price drop was caused by several factors including large-scale liquidations of the German government and the increased fear of sell-offs and market uncertainty this is fueling Mt.Gox’s Bitcoin Distribution Plan. As the market digested the price crash, Bitcoin fought its way back from previous lows to push its current price above $56,000.
Currently the cryptocurrency again tests new support levels approximately $57,000. A rise above this price could potentially signal the start of an even bigger rally. Santiment has revealed that Bitcoin’s recent price surge is due to short-selling activity that has been taking place since September 7 on major crypto exchanges such as Binance and Bitmex.
Based on current market sentiment, the market intelligence platform suggests that the prevailing fear, uncertainty and doubt (FUD) among investors in the crypto market could contribute to an even bigger price increase for Bitcoin.
This bullish sentiment is also divided by Michael van de Poppe, a popular crypto analyst, who has done just that reported that Bitcoin currently has a price range between $58,000 and $56,000. Poppe indicated that the cryptocurrency is showing strong price fundamentals, while there are many of them altcoins are gaining strength.
The analyst expressed surprise that Bitcoin was able to negate its previous bearish intent to break above $56,000. Poppe expects more positive inflow into the market if Bitcoin can retest above $55,000. He believes that if the cryptocurrency can break this level, the price could rise to new levels between $60,000 and $61,000 in the coming weeks.
Historical patterns indicate an impending BTC breakout
A crypto analyst identified as ‘Rekt Capital’ on bullish projection for Bitcoin, anticipating a major price breakout for the cryptocurrency soon. Historical patterns currently suggest that Bitcoin could potentially do this experiencing a significant price rally and exit bearish trends over the next two weeks.
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Rekt Capital has announced that the month of September is usually a bearish period with limited monthly returns for Bitcoin. However, there is a good chance that Bitcoin’s price could rise significantly in October, extending this positive momentum into November and December.
Featured image created with Dall.E, chart from Tradingview.com