Bitcoin surged to nearly $63,000 at the Wall Street open on Sept. 19, matching gains in the stock market.
Data from Cointelegraph Markets Pro and TradingView captured Bitcoin hitting three-week highs close to $63,500 on Bitstamp.
The rise in Bitcoin and other assets like equities and gold follows a significant 0.5% interest rate cut by the Federal Reserve, signaling ongoing financial policy easing in the United States.
As the S&P 500 approaches new all-time highs, BTC/USD is also making strides toward its peak levels from March.
“The US 2Y/10Y treasury spread, an indicator of recession, has been inverted since July 2022 but has recently steepened to +8bps, reflecting market optimism and a shift towards risk-on assets,” trading firm QCP Capital noted in its latest bulletin.
Further rate cuts are anticipated from the Fed, with two expected before year-end, according to QCP.
“The S&P 500 and Nasdaq are now up over 20% this year alone,” said The Kobeissi Letter, highlighting a $3 trillion increase in market cap since September 6th.
The buoyant mood has Bitcoin traders feeling optimistic.
Noted trader and social media figure Byzantine General remarked on the strength of spot markets, while crypto trader, analyst, and entrepreneur Michaël van de Poppe commented on BTC/USD’s performance.
“I assume we’ll consolidate before we continue to go up, but essentially, since Powell has been speaking, markets are going up. Nothing more. Just plenty of room to buy the dips,” van de Poppe shared with his X followers.
Bitcoin experienced a nearly 6% surge after BlackRock, the world’s largest asset manager, released a white paper discussing the cryptocurrency’s potential as a safeguard against monetary and geopolitical risks.
BlackRock’s report described Bitcoin as a “unique diversifier” separate from traditional economic and geopolitical threats.
The uptick in Bitcoin’s price began shortly before Eric Balchunas, a senior Bloomberg ETF analyst, disseminated the nine-page document via a Sept. 18 X post.
Balchunas posted BlackRock’s findings at 4:21 pm UTC, which followed Bitcoin’s rally from its daily low of $59,354.
Following the release, Bitcoin’s value increased by over 5.7%, momentarily reaching $62,600 for the first time in three weeks, according to Cointelegraph data.
This boost coincides with some analysts’ forecasts of a three-month Bitcoin rally that could potentially reach $92,000 starting in October, reflecting historical chart patterns and typical fourth-quarter gains.
In the white paper, BlackRock recognized Bitcoin as not merely a cryptocurrency but the inaugural “truly open-access monetary system” due to its decentralized, permissionless nature.
The firm highlighted Bitcoin’s lack of “traditional counterparty risk,” meaning it doesn’t rely on centralized systems. The white paper elaborated on this characteristic, stating:
“These properties make it an asset that is largely detached (on fundamentals) from certain critical macro risk factors, including banking system crises, sovereign debt crises, currency debasement, geopolitical disruption, and other country-specific political and economic risks.”
BlackRock further illustrated Bitcoin’s robustness by including a chart demonstrating how Bitcoin returns have outperformed those of the S&P 500 and gold during significant geopolitical events.
Bitcoin surged to nearly $63,000 at the Wall Street open on Sept. 19, matching gains in the stock market.
Data from Cointelegraph Markets Pro and TradingView captured Bitcoin hitting three-week highs close to $63,500 on Bitstamp.
The rise in Bitcoin and other assets like equities and gold follows a significant 0.5% interest rate cut by the Federal Reserve, signaling ongoing financial policy easing in the United States.
As the S&P 500 approaches new all-time highs, BTC/USD is also making strides toward its peak levels from March.
“The US 2Y/10Y treasury spread, an indicator of recession, has been inverted since July 2022 but has recently steepened to +8bps, reflecting market optimism and a shift towards risk-on assets,” trading firm QCP Capital noted in its latest bulletin.
Further rate cuts are anticipated from the Fed, with two expected before year-end, according to QCP.
“The S&P 500 and Nasdaq are now up over 20% this year alone,” said The Kobeissi Letter, highlighting a $3 trillion increase in market cap since September 6th.
The buoyant mood has Bitcoin traders feeling optimistic.
Noted trader and social media figure Byzantine General remarked on the strength of spot markets, while crypto trader, analyst, and entrepreneur Michaël van de Poppe commented on BTC/USD’s performance.
“I assume we’ll consolidate before we continue to go up, but essentially, since Powell has been speaking, markets are going up. Nothing more. Just plenty of room to buy the dips,” van de Poppe shared with his X followers.
Telegram’s blockchain platform, The Open Network (TON), is set to benefit from a substantial financial injection from Bitget and Foresight Ventures, enhancing the development of TON applications within Telegram.
On Sept. 18, Bitget announced a strategic investment of $30 million into TON. This funding aims to bolster major play-to-earn (P2E) games on Telegram, highlighting titles such as Hamster Kombat and Notcoin.
The investment from Bitget and Foresight will be channeled through the purchase of Toncoin (TON), the utility token essential for running decentralized applications (DApps) on the TON ecosystem. This move is expected to deepen their involvement in TON’s governance and its future development trajectory.
“As Bitget continues to BUIDL around The Open Network, our partnership with the TON blockchain provides a solid foundation for driving initiatives that align with our vision,” said Bitget CEO Gracy Chen. She added:
“By integrating our expertise in crypto infrastructure with TON’s decentralized architecture, we are well-positioned to strengthen the development of innovative products and solutions.”
The TON ecosystem has experienced a significant surge since the introduction of Telegram Mini Apps in 2023, driven by rapid adoption rates of DApps like Notcoin and Hamster Kombat. Current statistics from DefiLlama show the total value locked (TVL) in TON projects at $403.5 million, marking a dramatic increase from the start of the year.
Foresight Ventures’ co-founder and CEO, Forest Bai, sees the expansion within the TON ecosystem as a prime market opportunity for the coming years.
“The ecosystem currently boasts over 1,000 DApps, with many applications having millions of users,” Bai noted, expressing Foresight’s commitment to further nurturing the developer community within the TON ecosystem through investment, incubation, and marketing efforts.
Alongside the investment news, Bitget also announced a significant user growth, reaching 45 million globally and ranking as the fourth largest crypto exchange by trading volume, with daily volumes peaking at $1.5 billion. This growth reflects the rising interest in innovative projects, particularly those affiliated with platforms like TON.
Bitcoin (BTC) is facing potential downward pressure ahead of the upcoming United States Federal Reserve interest rate decision on Sept. 18, after slipping below the crucial $60,000 support level.
The pending decision may lead to heightened price volatility for the pioneer cryptocurrency, depending on the outcome. Bitfinex analysts shared with Cointelegraph:
“Depending on whether the rate cut is 25 basis points or 50 basis points, market behavior could swing between bullish optimism and cautious de-risking in response to major macroeconomic adjustments. This expected volatility might be reflected in flows across ETFs and perpetual markets, which are likely to exhibit increased fluctuations.”
This forecast comes as the Federal Reserve is anticipated to announce its first rate cut since the onset of the COVID-19 pandemic.
More analysts are increasingly predicting a Bitcoin breakout in October, potentially spurred by the Fed’s interest rate cut.
Bitcoin climbed back above the $60,000 psychological mark on Sept. 14 for the first time since Aug. 30, but it soon relinquished this key support level.
However, the recent price activity suggests that Bitcoin may have already reached its floor. Bitfinex’s analysts explained:
“Our earlier view that Bitcoin’s dip to $52,756 on Sept. 6 might represent a potential local bottom has been substantiated. Prices have subsequently increased by over 15 percent, supported by a significant uptick in Bitcoin ETF net inflows of $403.9 million over the past week.”
Bitcoin found short-term support on Sept. 17 amidst declining crypto market sentiment.
Data from Cointelegraph Markets Pro and TradingView indicated that BTC price action climbed back to $58,000 during the Asia trading session.
Following a broad sell-off at the Wall Street open the previous day, BTC/USD seemed to find stability around the 21-day simple moving average (SMA), which has continued to act as a base.
“To be clear, losing the 21-Day MA is not good, but IMO, closing above the 50-Week MA is far more important,” Keith Alan, co-founder of trading resource Material Indicators, expressed concern on X during the US session sell-off.
At the time of writing, the 21-day and 50-week SMAs stood at $57,858 and $53,945, respectively.
Popular trader Jelle observed that the 50-week exponential moving average (EMA) remained effective as market support, consistent with the past 20 months of the Bitcoin bull market.
“Bull market summer chop has become a regular occurrence,” he informed his X followers.
“The previous two chopfests both ended with new highs in the third week of October. We’d be about a month away from new all-time highs if this time plays out the same.”
Jelle supported a theory also suggested by others, including crypto trader, analyst, and entrepreneur Michaël van de Poppe, who reaffirmed his expectation of BTC price discovery in the following month.
For trader and analyst Josh Rager, the outlook remained uncertain.
“People keep calling the ‘first higher-low’ on the $BTC chart. But people were saying the same thing in June,” he critiqued on daily timeframes.
“Then Bitcoin rejected the midline of the trend and formed a new low.”
An accompanying chart demonstrated a downward-sloping channel since March’s peak, featuring a regular pattern of lower highs and lower lows.
“Not saying a new low comes here but calling this the bottom is a bit too early. Price rejected again,” he concluded.
Meanwhile, fluctuating Bitcoin prices led to a decline in the overall crypto market atmosphere.
The latest reading from the Crypto Fear & Greed Index on Sept. 17 showed a score of 33/100 — a decline of 17 points in just two days.
Sentiment moved from “neutral” to “fear” following a BTC price drop of slightly over 4%.
After several months of decline, Bitcoin might be setting up for a significant rally, potentially surpassing $92,000 in the next three months according to some analysts.
Bitcoin’s recent movements on the charts hint at an upcoming surge, rooted in historical patterns observed after previous halving events.
Bitcoin BTC tickers down $60,177 recently touched a crucial support level on its weekly chart, which might serve as a springboard for an impressive climb, suggests noted analyst Titan of Crypto.
“In previous cycles, when the price retested the 50-week simple moving average, it bounced at least 40%. On average, the bounce was 71%. If #BTC rallies 71% from here, it could reach $92,000,” he stated in a Sept. 13 X post.
Bitcoin recently reclaimed the $60,000 mark on Sept. 14, for the first time since Aug. 30. Over the past three months, the cryptocurrency has seen a 9% drop, per Bitstamp data.
Historically, September has often seen dips in Bitcoin’s price, with average returns around -4.69%, marking it as a typically bearish month, data from CoinGlass suggests.
However, following September’s usual downturn, Bitcoin has often rallied for three consecutive months.
Bitcoin averages returns of 22.9% in October, 46.8% in November — historically the second-best month for Bitcoin — and 5.4% in December.
During the last Bitcoin halving in 2020, the cryptocurrency’s value increased by over 27% in October and over 42% in November, part of a six-month rally that continued into March 2021.
This recent pullback might represent a pivotal buying opportunity before Bitcoin’s value escalates, according to popular crypto trader Mags, who shared on Sept. 15:
“Bitcoin gives three chances to buy before it goes parabolic… The last is right after the halving. This could be your last chance to buy Bitcoin cheap before it goes parabolic.”
Checkmate, a pseudonymous onchain analyst, also noted that Bitcoin’s current positioning mirrors its stance during past bull cycles. He elaborated on Sept. 14:
“Bitcoin is in the exact same spot as the last two cycles since the low. I prefer the cycle low comparison the most as it describes the psychological time it takes for investors to recover from a bear market.”
Bitcoin (BTC) is showing technical signals that might herald a significant surge towards the $100,000-$150,000 range by early 2025.
BTC price classic pattern hints at a big breakout. Bitcoin’s recent price trends are aligning with multiple technical indicators that suggest a bullish continuation, prominently featuring a “cup and handle” pattern. This formation includes a rounded bottom (the cup) followed by a consolidation phase (the handle), which typically precedes a significant bullish breakout.
The formation of the cup started after Bitcoin’s peak in late 2021, and the handle is now forming as Bitcoin hovers below the $65,000-$69,000 resistance levels.
The cup-and-handle pattern typically resolves when the price breaches its neckline resistance, potentially rising by as much as the distance from the neckline to the lowest point of the cup.
In Bitcoin’s scenario, the gap between the cup’s lowest point (around $15,000) and the resistance at the rim (near $65,000) spans roughly $50,000. Projecting this distance upwards from the breakout point, independent analyst Elja anticipates a target range between $110,000 and $130,000 for Bitcoin in early 2025.
Bitcoin a “ticking time bomb” — Analyst. Pseudonymous analyst Nestay has pointed out several indicators that support the bullish cup-and-handle setup.
For example, Bitcoin’s weekly Bollinger Bands Width (BBW) has been narrowing since June, a sign of decreasing market volatility which often precedes significant price movements.
Moreover, momentum oscillators like the Stochastic RSI and the Relative Strength Index (RSI) are indicating oversold conditions. Nestay also noted the Crypto Fear & Greed Index, currently in the “fear” category, suggesting that periods of high fear often precede robust price increases in Bitcoin.
The broader macroeconomic environment further enhances this bullish narrative. A rising global liquidity index, indicative of increased capital flows into risk assets like Bitcoin, alongside Bitcoin’s consolidating price actions, sets the stage for a potential explosive breakout as the market transitions into the final months of the year.
A market analyst has posited that both the cryptocurrency and commodities markets are on the brink of a significant rally due to their current undervaluation.
Michaël van de Poppe, an analyst and entrepreneur, highlighted in a September 15 post on X that commodities are at their lowest value since the years 2000 and 1971. He expressed strong expectations for growth, stating, “Commodities & crypto are extremely undervalued and it’s likely that commodities go into a 10-year-long bull market. I’m expecting a lot of upside from these two asset classes.”
The index comparison suggests that commodities are currently valued lower than during the 2000 bubble, before the markets soared leading up to the 2008 financial crisis.
Anticipation is also building around a potential Bitcoin breakout in October, which may be spurred by the forthcoming Federal Reserve meeting on September 18, where an interest rate cut is highly anticipated.
Related: SEC crypto ‘overreach’ cost small investors $15B: John Deaton.
Global liquidity is set to surge, according to Raoul Pal, the founder and CEO of Global Macro Investor. He suggests that the need to refinance debts by major economies will trigger this increase.
Global liquidity breakout. Source: Raoul Pal. In a September 15 X video, Pal explained, “As global liquidity rises, cryptocurrencies will rise, as will other markets like the Nasdaq… Global M2 is also starting to rise.”
BTC/M2 money supply. Source: Jamie Coutts. The expanding global liquidity is expected to bolster Bitcoin, contributing to the next upward phase of the 2024 cycle. This is due to Bitcoin’s strong correlation with the M2 money supply.
Bitcoin heading for three-month historic rally as analysts eye $92,000 BTC. Following a downturn lasting over three months, Bitcoin is gearing up for a possible three-month rally.
Bitcoin recently tested a crucial support level on its weekly chart, potentially priming it for a climb above $90,000, according to Titan of Crypto.
“In previous cycles, when the price retested the 50-week simple moving average, it bounced at least 40%. On average, the bounce was 71%. If #BTC rallies 71% from here, it could reach $92,000,” noted the analyst in a September 13 X post.
After several months of decline, Bitcoin might be setting up for a significant rally, potentially surpassing $92,000 in the next three months according to some analysts.
Bitcoin’s recent movements on the charts hint at an upcoming surge, rooted in historical patterns observed after previous halving events.
Bitcoin BTC tickers down $60,177 recently touched a crucial support level on its weekly chart, which might serve as a springboard for an impressive climb, suggests noted analyst Titan of Crypto.
“In previous cycles, when the price retested the 50-week simple moving average, it bounced at least 40%. On average, the bounce was 71%. If #BTC rallies 71% from here, it could reach $92,000,” he stated in a Sept. 13 X post.
Bitcoin recently reclaimed the $60,000 mark on Sept. 14, for the first time since Aug. 30. Over the past three months, the cryptocurrency has seen a 9% drop, per Bitstamp data.
Historically, September has often seen dips in Bitcoin’s price, with average returns around -4.69%, marking it as a typically bearish month, data from CoinGlass suggests.
However, following September’s usual downturn, Bitcoin has often rallied for three consecutive months.
Bitcoin averages returns of 22.9% in October, 46.8% in November — historically the second-best month for Bitcoin — and 5.4% in December.
During the last Bitcoin halving in 2020, the cryptocurrency’s value increased by over 27% in October and over 42% in November, part of a six-month rally that continued into March 2021.
This recent pullback might represent a pivotal buying opportunity before Bitcoin’s value escalates, according to popular crypto trader Mags, who shared on Sept. 15:
“Bitcoin gives three chances to buy before it goes parabolic… The last is right after the halving. This could be your last chance to buy Bitcoin cheap before it goes parabolic.”
Checkmate, a pseudonymous onchain analyst, also noted that Bitcoin’s current positioning mirrors its stance during past bull cycles. He elaborated on Sept. 14:
“Bitcoin is in the exact same spot as the last two cycles since the low. I prefer the cycle low comparison the most as it describes the psychological time it takes for investors to recover from a bear market.”