Bitcoin has seen a positive performance in September, with a 5.07% gain in the last seven days and an 11.30% increase for the month.
Analyst Crypto Rover predicts Bitcoin will hit $290,000 in the upcoming bull run. This aligns with previous six-figure price targets for BTC, linked to increased institutional demand evidenced by Bitcoin spot ETFs.
Bitcoin has been in a consolidation phase between $55,000 and $70,000. According to Crypto Rover, a breakout from this phase could lead to Bitcoin entering the “banana zone” of rapid price growth.
The inverse head and shoulders pattern has formed, signaling a potential bullish reversal. Historically, Q4 has been bullish for Bitcoin, averaging an 88% gain over 11 years.
The Bitcoin Exchange Stablecoin Ratio shows a buy signal. Analyst EgyHash explains this low ratio indicates high stablecoin holdings and strong buying power, suggesting potential investments in Bitcoin.
Currently, Bitcoin trades at $66,064 with daily trading volume down by 12.92% at $32.01 billion.
