BTC Bounces Back from $52.62K; Is a Surge to $59K Next?
BTC, the largest cryptocurrency by mart cap, has jumped back from the $52.62K guidance level on Friday, affirming symbols of a price reversal in the brief term. Industry analysts deter that if this momentum is stored, the asset could witness its worth spurt toward the $59K threshold by the expire of the week. Could this be the overture of the much-awaited bull dashed?
BTC Price Reaction
Over the past 24 hours, Bitcoin has showed amplified optimistic panorama, via its price complex its previous highs. As viewed on CoinMarketCap, the token started the day via an opening price of $53.83K in the past beautifying to an intraday high of $56,007 and maintaining looming the $56K foothold.
As of press time, BTC traded hands at $56,460, mirroring a 4.74% pinnacle compared to its previous day’s worth. Subsequent this uptick, its intraday mart cap in a akin way soared to the $1.115 trillion mark, cementing its position as the dominant player in the crypto industry.
In addition, the token’s trading volume in a akin way appears to be instead equivalent, as it rose by added than 77% and relocated the token to around the $29.498 billion threshold. This insightful price responses stipulates that investors in the Bitcoin mart could be gaining back zest, and added price thankfulness could be viewed in the next few days.
Still, BTC has not totally obliterated the bearish panorama in its mart, as can be viewed from the weekly chart, which confirms a 3.13% wane from an opening price of $58.31K. Yet, any breakout looming this level could be contemplated a steadfast insightful signal for Bitcoin, and it could open the path for better tops.
Analysts Respond to Bitcoin’s Conducive Sentiment Shift
In an X brief message (formerly Twitter), iconic mart analyst Rekt Capital argued that BTC’s performance has been durable in the Q4s, especially throughout halving years. Historically, October via December has been a period of constant upward mobility device for the cryptocurrency throughout such years.
#BTC
Bitcoin is in a Halving year
So it administers the majority of sense to comparison 2024 via previous Halving years
In the previous Halving years (2016 & 2020), Bitcoin reaped three directly months of upside across October, November and December$BTC #Crypto #Bitcoin pic.twitter.com/q73EvHOkVn
— Rekt Capital (@rektcapital) September 8, 2024
Consequently, Rekt Capital said that the the majority of pertinent comparison for 2024 Q4 would absolutely be via previous halving years. This could expire result in Bitcoin holding up against three-month insightful fads in October, November, and December.
Yet, the analyst in a akin way uploaded another ultimata on Twitter, stipulating that the lone time BTC refused in Q4 was in 2014 and 2018 in the past dropping by 12%.95% and 3.83%, respectively. However, these occurrences took liberty throughout bear sectors.
#BTC
The lone times Bitcoin ever consummate derogatory component in the month of October was in 2014 (-12.95%) and 2018 (-3.83%)
Those were Bear Sectors
Bitcoin is currently in a Halving year$BTC #Crypto #Bitcoin pic.twitter.com/MlkIyLroxG
— Rekt Capital (@rektcapital) September 9, 2024
Will absolutely the Bull Run Last?
Subsequent this price rebound, BTC is foreseen to quandary its the majority of recent high, around $58.577K, last viewed on September 4. Supposing the crypto reprieves looming this plight, it could face resistance along the 61.8% Fibonacci level at $59,929, an liberty that has traditionally confirmed to be a robust resistance component.
Industry analysts think the victory of this move could signal a steadfast uptrend in the foreseeable term for the BTC token, potentially earning every exertion for $62K. Contrastingly, have to BTC fall short to violate the $58.577K expanse, it could backtrack the $53.591 level for guidance in the past attempting another bull dashed.
