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bitcoin (btc) is finally making a comebackk, with recent price spikes indicating a possible start of the market's long-awaited bull run. As the cryptocurrency retests the $57,000 level, this renewed momentum could ignite a positive price rally, potentially Driving further gains for bitcoin.
bitcoin retests new levels at $57,000
On Tuesday, September 10, Santiment, a market intelligence platform, revealed a new positive change in bitcoin Price MovementsThe platform revealed in an x (formerly twitter) x.com/santimentfeed/status/1833283273235304483?s=46″ rel=”nofollow”>mail that the market value of bitcoin has experienced a remarkable rebound, bitcoin-recovers-back-to-57000-heres-behind-this/” rel=”nofollow”>soars to $57,600 this week.
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It is worth noting that the price of bitcoin increased by more than 4.8% on Monday, September 8, marking a significant milestone for the cryptocurrency, which has been recording Persistent price drops In recent months, in early August, the price of bitcoin plummeted below the $50,000 level, reflecting a drop of more than 20%.
This massive drop in prices was caused by several factors, including: bitcoin-selling-spree-continues/” rel=”nofollow”>Large-scale liquidations by the German government and rising selling fears and market uncertainty fueled by btc-bitstamp-exchange/” rel=”nofollow”>Mt.Gox bitcoin Distribution PlanAs the market digested the price drop, bitcoin pushed its way up from previous lows to reach its current price above $56,000.
Currently, the Cryptocurrency is retesting new support levels around $57,000. A push above this price mark could potentially signal the start of an even larger rally. Santiment has revealed that bitcoin’s recent price surge has occurred amid ongoing short-selling activities on major cryptocurrency exchanges such as Binance and Bitmex since September 7.
Based on the current market sentiment, the market intelligence platform suggests that the prevailing fear, uncertainty, and doubt (FUD) among investors in the cryptocurrency market could contribute to an even further rise in the price of bitcoin.
This crypto-investors-remain-bullish-about-bitcoin-and-ethereum-report/” rel=”nofollow”>bullish sentiment He also shares it Michael van de Poppe, a popular cryptocurrency analyst, who has x.com/cryptomichnl/status/1833619709172060412?s=46″ rel=”nofollow”>reported that bitcoin is currently in a price range between $58,000 and $56,000. Poppe indicated that the cryptocurrency is showing solid price fundamentals, while many bitcoin-in-recent-market-trend/” rel=”nofollow”>Altcoins are gaining momentum.
The analyst expressed surprise that bitcoin was able to invalidate its previous downtrend to break above $56,000. Therefore, Poppe expects more bitcoin-capital-flow-shifts-to-long-term-holders/” rel=”nofollow”>positive market entries If bitcoin can retest above $55,000. x.com/cryptomichnl/status/1833445321369915795?s=46″ rel=”nofollow”>believe that if the cryptocurrency can break through this level, its price could rise to new levels between $60,000 and $61,000 in the coming weeks.
Historical patterns suggest an imminent btc price breakout
A cryptocurrency analyst, identified as 'Rekt Capital' on x, has made a x.com/rektcapital/status/1833643545149714851?s=46″ rel=”nofollow”>bullish projection for bitcoin, anticipating a major price breakout for the cryptocurrency soon. Current historical patterns suggest that bitcoin could potentially bitcoin-rally-to-93000-roadmap/” rel=”nofollow”>Experience a significant price rally and break out of downtrends over the next two weeks.
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Rekt Capital has revealed that the month of bitcoin-september-blues-will-the-top-crypto-defy-historical-downtrends/” rel=”nofollow”>September is usually a bearish period with limited monthly returns for bitcoin. However, it is possible that by October, the price of bitcoin will increase considerably, extending this positive momentum into November and December.
Featured image created with Dall.E, chart from Tradingview.com
