Although the king of cryptocurrencies continues to trade in a tight range, investors remain hopeful as the price stays close to the range’s ceiling. What is exciting is that despite the recent negative news, the price has not dropped as expected, which is connected to the unique nature of crypto. As we always say, there is always a reason or excuse for the price to either drop or rise.
Crypto Investors Hopeful
Although yesterday’s US inflation data scared investors, it did not cause a massive loss in the price. Bitcoin, which has already significantly declined, had already priced in many bad news. While the $26,000 level continues to hold, investors remain optimistic about short-term performance. The liquidation of the remaining assets of the shut-down exchange FTX did not negatively impact the markets, as it received legal permission for the liquidation.
Compared to the September low, the BTC price is 5.5% higher. So what do market experts think? Crypto Tony recently stated the following:
“We are reaching higher levels. Once we capture these levels, we can finally consolidate them and aim for more.”
Bitcoin September Forecast
Another popular crypto analyst, Daan Crypto Trades, emphasized that the overall market dynamics have changed for Bitcoin compared to the weak period seen in the monthly closing.
“The market feels different this week. Dips are being bought relatively quickly, and the price is targeting higher levels. The spot offer is also stronger compared to the past few weeks. I may be wrong, but I am optimistic.”
The third analyst, Skew, appeared to be more cautious.
“The daily structure looks pretty good here, and the volume is decreasing, so there could definitely be a rally before lower levels.”
At the time of writing, while the BTC price was searching for a new peak above $26,700, the DXY was rising as shown in the graph below. This situation may raise doubts among investors about the recent rise. However, the positive start of the US markets supports the BTC rally.
According to CoinGlass data, the last time the BTC price closed September in the green was in 2016. If there is going to be an exception, Bitcoin may end this September in the green after 7 years.
