BTC price quickly climbed above $60,000 with the opening of Asian markets today, reaching $60,500. The king of cryptocurrencies made its daily peak at $61,400, and its continued closings above $60,000 are promising for investors. So, how do analysts evaluate the current situation?
Why is Bitcoin Rising?
With the recovery in stock markets, the king of cryptocurrencies once again surpassed $60,000. This week, Powell will make important statements, and we will see many significant announcements regarding the state and future of the global economy. The ongoing decline in inflation and the weakening labor markets should force officials to adopt a more dovish stance due to global recession concerns.
Indeed, many central banks made their first rate cuts before the Fed. Goldman Sachs reports that customer demand has increased to record levels following the declines, and risk appetite is starting to strengthen. QCP experts also highlighted the potential for BTC prices to go higher.
Historically, stock markets tend to rally after the Jackson Hole symposium. It is possible for the long-pressured BTC price to finally break upwards with this tailwind.
BTC and Crypto Predictions
The key resistance is at $70,000, and BTC is below this threshold. For altcoin investors, even prices close to $70,000 will be a reason for happiness due to the significant losses many cryptocurrencies have suffered after recent declines. Crypto analyst Mark Cullen wrote the following in his latest assessment.
“BTC surpassed the $59,500 level, pushing liquidity above the weekend’s highest levels and reaching the upper trend line. Can BTC now hold $60K and make a run for liquidity above the early August highs from the low to mid $60Ks?”
Rekt Capital reiterated what he has been saying for a long time. The analyst, who said history repeats itself, was targeting a rally by the end of September.
“Bitcoin is now trying to confirm that the Channel Bottom has been reclaimed as support. A Weekly Candle Close above the Channel Bottom will be bullish.”
Credible, on the other hand, wants to see more closings at higher levels and maintains a cautious stance.
