Bitcoin returns to $60,000 and ‘this time is different,’ says the analyst
For the first time since August 30, Bitcoin regained the crucial $60,000 price level, and this time, the increasing interest from institutional participants is unique, according to a crypto analyst.
“This time is different,” crypto analyst Rajat Soni wrote in a September 13 X post. Sony has revealed that Bitcoin (BTC) has been “consolidating above” $50,000 for more than six months.
However, the last time it was above $50,000 was in 2021, when demand for the property was mainly from retail investors. He noted:
“The price has struggled to hold $50K+ as most of the buying has come from retail investors who are known for buying and selling on sentiment.”
“Institutional investors are here, and retail investors are ready to buy whatever they want to sell,” Sonny said. He warned his 96,900 followers, “If you sell, be prepared to pay a hefty fee to get the same amount back.”
Bitcoin is trading at $60,596 as of September 12, up 4.25% since September 12, according to CoinMarketCap data.
Bitcoin has gained 12.40% in the past seven days. Source: CoinMarketCap
After Bitcoin broke above $60,000, anonymous crypto trader Jelle speculated that the asset could break its usual performance trend in September.
“Bitcoin is currently on track to close in the green in September,” Gel wrote. The businessman pointed out that in September three times before, in 2015, 2016 and 2023, he was able to achieve “close to green”.
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CoinGlass data shows that September was the worst month for Bitcoin, with the asset posting an average monthly loss of 4.49% over the past 11 years.
Meanwhile, Into The Cryptoverse founder Benjamin Cowen pointed out in a post on September 14 that it was “the highest intraday close for BTC's dominance of the entire cycle.”
According to TradingView data, at the time of publication, Bitcoin's market dominance is 57.80%.
Meanwhile, Will Clemente, co-founder of Sentiment Research, commented in a September 13 X post that “technicals are showing some early signs of life for BTC.”
“Look for a retracement of the 200dma that coincides with the first major high in 6 months to start watching alts,” Clement added.
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This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.
