Is the Bitcoin bull starting? What did analysts say?

According to crypto analysts, the Bitcoin (BTC) price is on the verge of an unprecedented breakout.

Analysts, who claim that the downtrend in the cryptocurrency market has ended, suggested that BTC price movements indicate a potential bull run.

Crypto analyst Ali Martinez suggested that the bear-bull indicator, which has been in the decision phase since the beginning of August, has turned bullish with the latest rise.

The Fed's signals for a rate cut triggered the BTC rise. The leading cryptocurrency touched the $ 62,000 level during the day. BTC, which could not break the $ 62,000 resistance, fell below $ 61,000 in a short time.

Despite its ups and downs, BTC, which remained above $ 60,000, turned this price level into a support point. Analysts predict that if BTC stays above $ 60,000, it could rise to its all-time high.

According to UToday, if BTC breaks the $62,000 resistance, it will target the next resistance point of $63,000.

Kraken analysts, who argue that BTC should break the $62,000 resistance, suggested that otherwise the price could fall to $49,000. Analysts of the US-based crypto exchange summarized the danger in question as follows:

If Bitcoin rises above $62,000 with the strength it receives from here, it will probably target a new all-time high. Otherwise, it will fall below $50,000 again.