BTC, the largest cryptocurrency by market cap, has bounced back from the $52.62K support level on Friday, showing signs of a price reversal in the short term. Market analysts anticipate that if this momentum is maintained, the asset could witness its value surge toward the $59K threshold by the end of the week. Could this be the beginning of the much-awaited bull run?
BTC Price Action
Over the past 24 hours, Bitcoin has exhibited heightened positive sentiment, with its price challenging its previous highs. As observed on CoinMarketCap, the token commenced the day with an opening price of $53.83K before surging to an intraday high of $56,007 and stabilizing above the $56K foothold.
As of press time, BTC exchanged hands at $56,460, reflecting a 4.74% increase compared to its previous day’s value. Following this uptick, its intraday market cap also soared to the $1.115 trillion mark, cementing its position as the dominant player in the crypto industry.
Similarly, the token’s trading volume also appears to be quite comparable, as it rose by more than 77% and moved the token to around the $29.498 billion threshold. This bullish price action suggests that investors in the Bitcoin market may be regaining interest, and more price appreciation could be seen in the next few days.
Still, BTC has not fully eradicated the bearish sentiment in its market, as can be seen from the weekly chart, which shows a 3.13% decrease from an opening price of $58.31K. However, any breakout above this level may be considered a solid bullish signal for Bitcoin, and it may open the path for higher tops.
Analysts React to Bitcoin’s Bullish Sentiment Shift
In an X post (formerly Twitter), renowned market analyst Rekt Capital argued that BTC’s performance has been resilient in the Q4s, especially during halving years. Historically, October through December has been a period of sustained upward movement for the cryptocurrency during such years.
Bitcoin is in a Halving year
So it makes most sense to compare 2024 with previous Halving years
In the previous Halving years (2016 & 2020), Bitcoin enjoyed three straight months of upside across October, November and December$BTC #Crypto #Bitcoin pic.twitter.com/q73EvHOkVn
— Rekt Capital (@rektcapital) September 8, 2024
Consequently, Rekt Capital stated that the most appropriate comparison for 2024 Q4 would be with previous halving years. This may result in Bitcoin experiencing three-month bullish trends in October, November, and December.
However, the analyst also posted another warning on Twitter, stating that the only time BTC declined in Q4 was in 2014 and 2018 before falling by 12%.95% and 3.83%, respectively. Nonetheless, these occurrences happened during bear markets.
The only times Bitcoin ever experienced downside in the month of October was in 2014 (-12.95%) and 2018 (-3.83%)
Those were Bear Markets
Bitcoin is currently in a Halving year$BTC #Crypto #Bitcoin pic.twitter.com/MlkIyLroxG
— Rekt Capital (@rektcapital) September 9, 2024
Will the Bull Run Last?
Following this price rebound, BTC is anticipated to challenge its most recent high, around $58.577K, last seen on September 4. Supposing the crypto breaks above this hurdle, it could face resistance along the 61.8% Fibonacci level at $59,929, an area that has historically proven to be a robust resistance point.
Market analysts believe the success of this move could signal a solid uptrend in the near term for the BTC token, potentially aiming for $62K. Contrastingly, should BTC fail to breach the $58.577K zone, it may retrace the $53.591 level for support before attempting another bull run.
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