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Bitcoin price touched $65,000 in futures today for the first time in a long time and settled above $64,000 in the spot market. The Fed’s announcements yesterday played a significant role in this price movement. The statements were interpreted as readiness for an interest rate cut, and BTC price rose accordingly, positively impacting the rest of the market. So, what do market analysts think right now? Let’s take a look together.
Analyst’s Bitcoin Commentary
One of the closely followed names in the crypto world made statements suggesting that Bitcoin (BTC) might be moving towards new ATHs.
An analyst named Bluntz told thousands of followers on social media platform X that after Bitcoin surpassed the $62,000 resistance, a new five-wave rise could have started, potentially supporting BTC’s move to all-time highs.
The analyst applied the Elliott Wave theory, which reveals that an upward movement usually consists of five waves before significant price corrections, to BTC.
Bluntz said the following on the subject:
We managed to break through, and we are quite confident that we will reach all-time highs.
According to the analyst’s review, Bitcoin could reach $84,000 by mid-September through a series of movements. As of the time of writing, Bitcoin continues to find buyers around the $64,000 region after a rise of over 5% in the last 24 hours, which is thought to be significantly influenced by Fed Chairman Powell’s interest rate cut announcement.
Analyst’s SEI Comments
The analyst also made statements about Sei, Solana‘s (SOL) competitor, indicating that SEI is on the verge of a significant rise against Bitcoin and the US dollar.
I think SEI is about to explode. The SEI/BTC pair has a weekly bullish outlook. The SEI/USD pair has a clear five-wave rise from the bottom levels and has already experienced a nice pullback and intense negative funding.
Looking at SEI’s price, it is seen that it has experienced a rise beyond BTC today. SEI is finding buyers at $0.3423 as of the time of writing, following a 7% rise in the last 24 hours. This price level also affected the market volume, and after a similar rise, the volume exceeded $1.1 billion.
