Bitcoin Re-Crosses Critical Level: “You Will Pay More”, He Says

Bitcoin has regained the $60,000 level for the first time since August 30, and the increased interest from institutional participants is creating a different scenario this time.

According to crypto analyst Rajat Soni, the dynamics behind this rise are different from the past. Soni noted that Bitcoin has been consolidating above $50,000 for the last six months. However, he emphasized that the last time Bitcoin was above $50,000 in 2021, the buying came largely from retail investors.

“The price had a hard time holding above $50,000 because the buying came largely from retail investors who were driven by emotions,” Soni said. He noted that institutional investors are now in the market, and warned, “If you are selling, be prepared to pay a lot more to get the same amount of Bitcoin back.”

Bitcoin is currently trading at $60,596, up 4.25 percent since September 12, according to CoinMarketCap data.

After Bitcoin surpassed $60,000, pseudonymous crypto trader Jelle suggested that the asset could break the trend of underperformance that usually occurs in September. “Bitcoin is set to close September in the green,” Jelle said, noting that this has only happened three times before: in 2015, 2016, and 2023.

CoinGlass data shows that September was the worst month for Bitcoin, with Bitcoin losing an average of 4.49 percent in September over the past 11 years.