Bitcoin has reclaimed the crucial $60,000 price level for the first time since Aug. 30, and the involvement of institutional participants signals this time around is unique, according to a crypto analyst.
“This time is different,” crypto analyst Rajat Soni wrote in a Sept. 13 X post. Soni explained that Bitcoin (BTC) has been “consolidating above” $50,000 for over six months.
However, the last time it was above $50,000 was in 2021, when interest in the asset was mainly from retail investors. He noted:
“The price struggled to maintain $50K+ because most of the buying was from retail investors who are notorious for buying and selling based on emotions.”
Soni claimed that “Institutional investors are here, and they’re ready to buy everything retail investors want to sell.” He warned his 96,900 followers that “If you’re selling, be ready to pay significantly more to get the same amount back.”
Bitcoin is trading at $60,596, up 4.25% since Sept. 12, according to CoinMarketCap data.
Bitcoin is up 12.40% over the past seven days. Source: CoinMarketCap
After Bitcoin surpassed $60,000, pseudonymous crypto trader Jelle speculated that the asset might defy its usual trend of underperforming in September.
“Bitcoin is currently on track to close September in the green,” Jelle wrote. The trader pointed out that it has only achieved a “green close” in September three times before: in 2015, 2016, and 2023.
CoinGlass data shows that September is the worst month for Bitcoin, with the asset posting an average monthly loss of 4.49% over the last 11 years.
Meanwhile, Into The Cryptoverse founder Benjamin Cowen pointed out in a post on Sept. 14 that it was the “highest daily close for BTC dominance all cycle.”
At the time of publication, Bitcoin’s market dominance is 57.80%, according to TradingView data.
Meanwhile, Reflexivity Research co-founder Will Clemente opined in a Sept. 13 X post that there are “some early signs of life showing in the technicals for BTC.”
“Looking for a reclaim of its 200dma which would coincide with its first higher high in 6 months to start looking at alts,” Clemente added.
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This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
