Bitcoin’s surge above $66,000 has raised investor expectations and signaled a possible rebirth in the crypto bull market. Rising investment in spot Bitcoin ETFs in the U.S. suggests growing investor confidence. Markus Thielen of 10x Research expects significant gains in the fourth quarter. Bitcoin’s surge above $65,000 adds to the optimism amid rising ETF inflows and altcoin gains.
Bitcoin Surpasses $65,000, Signaling Market Recovery
Bitcoin’s recent surge past $66,000 is a sign of a healthy bull market. The price rally on September 27 suggests that investors are focusing on the $70,000 target. This significant surge, which passed $65,000 on September 26, led to a total of $365.7 million in investments in US-based spot Bitcoin ETFs. Interestingly, this positive momentum has not been limited to Bitcoin alone; many altcoins have also shown significant recovery from their recent declines. This general upward trend in the cryptocurrency market is creating renewed optimism among investors. Historically, Bitcoin’s strong performance in September usually sets the stage for a strong fourth quarter and raises expectations for sustained growth for the rest of the year. Markus Thielen, research director at 10x Research, says that the probability of a strong rally in the fourth quarter is high, with the bulk of the gains expected to come early.
Bitcoin’s Technical Analysis and Projections
Bitcoin’s technical charts also offer a positive scenario. The outside day bar formation formed on September 26 and the subsequent breakout above $65,000 would indicate a clear victory for the bulls. Staying above this level could help $65,000 become solid support and push Bitcoin’s price to between $70,000 and $73,777. However, a drop below $65,000 would indicate that the bullish momentum is weakening and the bears could push the price to $61,200, which could signal a false breakout.
Ether (ETH) is also showing positive signals. After testing support levels near the moving averages, it is positioned for more gains. The uptrend of the 20-day exponential moving average (EMA) and the positive Relative Strength Index (RSI) contribute to the positive outlook for Ether. A successful break above the resistance line could set a target of $3,409. Despite potential resistance around $2,850, the overall trend seems to be in favor of buyers.
