Bitcoin is back on the rise, trading more than 15% above its recent local low of $52,500 which was hit on September 6. The latest bounce has caught the attention of analysts, with many now thinking we could be witnessing the start of a major trend reversal. At the time of writing, Bitcoin’s price stands at $60,400, giving us hope that new all-time highs are in play again.
Bitcoin’s Market Structure Turns Bullish
According to Bitcoin analyst Jelle, the market structure has shifted back to a bullish tone. He pointed out that Bitcoin has closed above its previous high from earlier in September and set a higher low in the process.
This upward movement is a strong indicator that Bitcoin is gaining momentum. Jelle highlighted Bitcoin’s recent high of $60,670 on September 13, which topped the earlier $59,830 high from September 3. This pattern, in Jelle’s view, suggests the market may soon challenge the resistance level at $65,000.
Jelle is optimistic about Bitcoin’s next steps, saying, “[Bitcoin] looks ripe to take out $65,000 — and then new all time highs”.
Local structure turned back to bull here — after closing higher than the previous September high, and locking in a higher low as well.
Looks ripe to take out $65,000 — and then new all time highs.#Bitcoin pic.twitter.com/r6elnqXiWq
— Jelle (@CryptoJelleNL) September 17, 2024
Other analysts share this view. Altstein Trader, for example, commented on Jelle’s analysis, saying the local bullish shift looks promising.
Bitcoin’s Next Move: Eyeing $66,000?
Looking further into the current price action, Daan Crypto Trades has observed that Bitcoin is in the middle of a descending trend channel. He believes the next 5% price move could set the stage for an even larger movement.
“In my opinion, the next 5% candle from this point likely determines the next bigger (10%+) move after that as well. Interesting spot,” Daan Crypto Trades explained.
With Bitcoin already clearing the initial 5% rise, pushing above $60,000, Daan thinks we could see another 10% increase, which would bring Bitcoin to $66,000—above the $65,000 resistance Jelle identified.
#Bitcoin Sitting in the middle of the channel.
In my opinion, the next 5% candle from this point likely determines the next bigger (10%+) move after that as well.
Interesting spot. pic.twitter.com/ESuIBp6prA
— Daan Crypto Trades (@DaanCrypto) September 17, 2024
As the price continues to climb on Wednesday, we can start asking ourselves: are we getting closer to new all-time highs? Time will tell, but for now, the outlooks is a bit brighter. Let’s see what Wednesday brings with the anticipated U.S. Fed rate cut. U.S. Bitcoin ETFs seem to have already taken an advance to positive sentiment closing Tuesday trading session with an influx of close to $200 million.
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