Bitcoin (BTC) is making a strong comeback, indicated by recent price spikes that may signal the beginning of a market bull run. The cryptocurrency is retesting the $57,000 level, suggesting renewed momentum that could drive further gains.
According to Santiment, a market intelligence platform, Bitcoin's market value surged to $57,600 this week, marking a 4.8% increase from Monday, September 8. This comes after a significant price decline in August, triggered by factors such as the German government's liquidations and market uncertainty from Mt.Gox’s Bitcoin distribution plan.
Bitcoin's current price above $56,000 represents a rebound from previous lows. The cryptocurrency is now retesting new support levels around $57,000, with the potential for an even larger rally if it pushes above this mark.
Market sentiment on major crypto exchanges like Binance and Bitmex reveals ongoing short-selling activities since September 7. Santiment suggests that the prevailing Fear, Uncertainty, and Doubt (FUD) could contribute to a higher price surge for Bitcoin.
Crypto analyst Michael van de Poppe notes that Bitcoin is maintaining a price range between $58,000 and $56,000, showing strong price fundamentals while altcoins also gain momentum. He believes a retest above $55,000 could lead to price surges to new levels between $60,000 and $61,000 in the coming weeks.
The analyst 'Rekt Capital' projects a bullish breakout for Bitcoin based on historical patterns, expecting significant price rallies and a push out of bearish trends soon. While September is usually bearish for Bitcoin, the price could surge considerably by October, extending this positive momentum into November and December.
