Bitcoin’s price has been on the rise after hitting a local low of $52,546 on September 6. The cryptocurrency is currently trading at $60,327, representing a 16% increase. Analysts are taking note of this recovery, suggesting that it could be the beginning of a new bullish trend, potentially leading to all-time highs.
🔮 Analysts Point to Bullish Market Structure
Independent Bitcoin analyst Jelle highlighted that Bitcoin’s market structure has turned bullish. The recent high of $60,670, reached on September 13, was higher than the September 3 high of $59,830. This setup indicates that the market is gaining strength, with a potential breakthrough above the $65,000 resistance level. Jelle suggests that this could pave the way for Bitcoin to challenge its previous all-time highs.
🔮 Potential Breakout to New Highs
Other analysts, such as Altstein Trader, believe that surpassing the $65,000 mark could lead to a significant rally. Daan Crypto Trades also noted that Bitcoin is trading close to a key level in a descending parallel channel. A move above $57,900 could set the stage for a further 10% gain, potentially pushing Bitcoin’s price to over $66,000.
🔮 A Critical Moment for Bitcoin
The market is at a decisive point. With Bitcoin approaching key resistance levels, a breakout could propel it to new record highs. Traders and analysts are watching closely to see if the cryptocurrency can flip these levels into support, which would be a strong indicator of continued bullish momentum.
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