BTC, the largest cryptocurrency by market cap, has rebounded from the $52.62K support level, indicating a potential price reversal in the short term. Experts predict that if this momentum continues, the asset could surge towards the $59K mark by the end of the week. Many speculate that this could be the start of the highly anticipated bull run.
In the past 24 hours, Bitcoin has shown positive sentiment, with its price reaching new highs. It opened at $53.83K and rose to an intraday high of $56,007, settling above the $56K mark. Currently, BTC is trading at $56,460, marking a 4.74% increase from the previous day. Its market cap has also reached $1.115 trillion, solidifying its position as the dominant player in the crypto industry.
The trading volume of BTC has also increased significantly, rising by over 77% to around $29.498 billion. This bullish price action suggests a renewed interest from investors, potentially leading to further price appreciation in the coming days.
Despite these positive developments, there is still some bearish sentiment, as shown on the weekly chart. BTC experienced a 3.13% decrease from its opening price of $58.31K. However, if it breaks above this level, it could signal a strong bullish signal and pave the way for higher highs.
Renowned market analyst Rekt Capital noted that Bitcoin has historically performed well in Q4 during halving years. Comparing the current year to previous halving years, October, November, and December have exhibited sustained upward movement. This suggests the possibility of a three-month bullish trend for BTC in the upcoming months. However, it is worth noting that the only times Bitcoin declined in Q4 were in 2014 and 2018, during bear markets.
Following this rebound, BTC is expected to challenge its recent high of around $58.577K, seen on September 4. If it surpasses this level, it may encounter resistance at the 61.8% Fibonacci level, around $59,929, which has historically acted as a strong resistance point. Analysts believe that a successful move beyond this resistance could indicate a solid uptrend, potentially reaching $62K. However, if BTC fails to break the $58.577K zone, it may seek support at the $53.591 level before attempting another bull run.