According to more and more analysts, the crypto market is back in a full-blown bull market. In the past seven days, many coins have exploded in value. For example, the Bitcoin (BTC) price climbed by 9.4% and reached almost $63,900. This is a remarkable increase, considering that the largest cryptocurrency was still at a price level of $53,300 on September 6.
A major reason for the increased positive sentiment is the recent decision by the Federal Reserve (FED) in the United States to cut interest rates by 0.5%.
Altcoins follow Bitcoin’s lead
In addition to Bitcoin, many other cryptocurrencies have also seen their value rise significantly in recent days. Major altcoins such as Ethereum (ETH), Solana (SOL) and Chainlink (LINK) rose by 8.7%, 12.6% and 9.1% respectively in a week.
With many prices in the green, the crypto market is anxiously watching to see if the bull market will finally break out. An important indication of this is the development of the BTC price, according to popular crypto analyst and trader Rekt Capital on the social media platform X.
Bitcoin price towards $67,000?
According to analyst Rekt Capital, the Bitcoin price is currently at an important turning point. If BTC manages to stay above the $61,900 price level, this could signal a further price breakout. This could pave the way for a rally towards the upper resistance of the trendline, which represents a price level between $66,000 and $67,000.
Unleashing the Crypto Bull Market
A rise to $67,000 would represent an increase of more than 5% from the current price level. However, for a mature bull market and an accompanying ‘altcoin season’ it is essential that the BTC price breaks through its all-time high (ATH) of $73,700.
Historically, altcoins start to surge when Bitcoin makes a new price record. This means that breaking $67,000 is a major signal, but breaking the ATH of $73,700 is a crucial one for investors and traders to keep an eye on.
Source: https://newsbit.nl/crypto-koersen-exploderen-bitcoin-en-altcoins-omhoog-staat-de-bullmarkt-op-uitbreken/
