Bitcoin has pushed above the $60,000 mark, gaining 3.85% over the last 24 hours. The big question on everyone’s mind: will it hold over the weekend, or are we in for another dip?
According to CryptoQuant analyst Axel Adler, there’s reason to be hopeful. Adler sees $69,500 as a crucial level that could keep the current rally alive. He points out that Bitcoin is in what he calls an “Anxiety Stage,” where many new investors are seeing their investments in the red. This kind of pressure often leads to market bottoms, setting the stage for a possible recovery.
Adler further explains, “The bull rally will begin when the price rises above $69.5K; this level will trigger FOMO in the market. Everyone who previously made profits on BTC will return, fearing they’ll miss out on gains.” So, if Bitcoin can clear that level, we might see some serious buying momentum return.
https://twitter.com/AxelAdlerJr/status/1834849853337116767
Institutions Are Ready
Adding to the conversation, Rajat Soni shared his thoughts on X. He notes that Bitcoin’s price has jumped back up to $60K after consolidating above $50K for more than six months. Interestingly, the last time Bitcoin was above $50K was back in 2021, but it struggled to hold that level. Soni points out that most of the buying back then was driven by retail investors, who are known for buying and selling based on emotions.
“This time is different,” Soni says. Institutional investors are now in the game, and they’re prepared to buy everything that retail investors want to sell. (Earlier today MicroStrategy announced to have purchased 18,300 BTC) His warning? “If you’re selling, be ready to pay significantly more to get the same amount back.”
While most people were sidelined because they thought #Bitcoin is going to $30K…
Bitcoin's price has jumped back up to $60K
Bitcoin has been consolidating above $50K for more than 6 months
The last time Bitcoin was above $50K was in 2021
The price struggled to maintain… pic.twitter.com/3psdL7hkyC
— Rajat Soni, CFA (@rajatsonifnance) September 13, 2024
No Need to Panic (Yet)
While the market’s recent moves might feel shaky, it’s worth remembering that September is historically a weak month for Bitcoin—and financial markets in general. Despite the ups and downs, losses so far have been manageable compared to past years.
August wasn’t great, with a -8.6% drop, and the months before weren’t exactly smooth sailing either. The real wildcard now is the U.S. economy and how the Federal Reserve responds with interest rate cuts.
All eyes are on next Wednesday when the Federal Reserve will hold its next meeting. Their press conference and any updates on their economic outlook could be big movers for the market. It’s a wait-and-see game, but it’s clear the next few days—and that $69.5K level—will be ones to watch.
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