Bitcoin Re-Crosses Critical Level: “You Will Pay More”, He Says
According to crypto analyst Rajat Soni, the dynamics behind this surge are different from the past. Soni noted that Bitcoin has been consolidating above $50,000 for the past 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 struggled to hold above $50,000 because the buying came largely from retail investors who were driven by emotion,” Soni said. Now, he noted that institutional investors are in the market, warning, “If you are selling, be prepared to pay a lot more to get the same amount of Bitcoin back.”
After Bitcoin surpassed $60,000, pseudonymous crypto trader Jelle suggested that the asset could break the trend of underperformance that has been seen in September. Jelle said, “Bitcoin is preparing to close September in the green,” noting that this had only happened three times before: 2015, 2016, and 2023.
Will Clemente, co-founder of Reflexivity Research, said that there were “first signs of recovery” for Bitcoin in technical indicators. Clemente said, “We expect to regain its 200-day moving average, which could signal the start of a new movement for altcoins.”
Bitcoin will not fall below $50,000. There have already been many major collapses since the beginning of the year. Many people have been wiped out of the market. Unfortunately, although we did not want it, many suicides have also occurred. The news was also made early in the Fed interest rate cuts. I think the correction is complete. Maybe a drop below $60,000 in interest rate cuts could come one last time in terms of shaking things up. The only obstacle to the upward direction is the risk of global war.