Bitcoin (BTC) is finally seeing a resurgence in its price, indicating a possible start of a long-awaited bull run in the market. Recent price spikes have sent the cryptocurrency retesting the $57,000 level, showcasing renewed momentum that could lead to further gains for Bitcoin.
Santiment, a market intelligence platform, recently announced a positive change in Bitcoin’s price movements. The platform shared on social media that Bitcoin’s market value has surged to $57,600 this week, marking a significant uptick. This comes after the cryptocurrency experienced a more than 4.8% price increase on Monday, September 8, following a period of persistent price declines over the past few months.
The drastic price decline experienced by Bitcoin earlier in August, dropping below $50,000, was influenced by various factors including large-scale liquidations by the German government and market uncertainties driven by Mt.Gox’s Bitcoin distribution plan. However, as the market absorbed the crash, Bitcoin managed to recover and reach its current price above $56,000.
Currently, Bitcoin is testing new support levels around $57,000, with potential for a larger rally on the horizon. Santiment highlighted that the recent price surge coincided with ongoing short-selling activities on major crypto exchanges like Binance and Bitmex since September 7. The prevailing Fear, Uncertainty, and Doubt (FUD) among investors could further drive up Bitcoin’s price, according to the market intelligence platform.
Popular crypto analyst Michael van de Poppe noted that Bitcoin is holding a price range between $58,000 and $56,000, displaying strong price fundamentals while many altcoins are gaining momentum. Despite his initial bearish setup being invalidated by Bitcoin’s break above $56,000, Poppe anticipates more positive inflows if the cryptocurrency retests above $55,000. He believes that surpassing this level could lead to price surges between $60,000 and $61,000 in the upcoming weeks.
Another crypto analyst known as ‘Rekt Capital’ has made a bullish projection for Bitcoin, foreseeing a major price breakout in the near future. Based on historical patterns, Bitcoin might undergo a significant price rally and break out of its bearish trends in the next two weeks. Despite September typically being a bearish month for Bitcoin in terms of returns, there is potential for a turnaround in the market sentiment.
