The Bitcoin market recently experienced significant upward momentum starting on September 7. This momentum has been gathering strength, and yesterday it propelled the market above the crucial $65,000 level. Currently, the BTC price stands at $65,254. The pressing question is whether we can confirm that a new bull run has begun. Cryptocurrency expert Miles Deutscher shares his insights on this new milestone for Bitcoin.
Bitcoin Market Analysis: What Does the $65,000 Level Mean?
At the beginning of this month, the Bitcoin price hovered around $57,326. Initially, the market had a bearish tone. From September 3 to 6, the price sharply dropped from $59,123 to $53,985, marking the steepest decline for the month. However, the situation turned around on September 7, when buyers took control of the market. Since then, the market has been predominantly bullish, albeit with minor setbacks, particularly between September 14 and 16, when the price briefly dipped from $60,443 to $58,253.
Deutscher’s post emphasizes that surpassing the critical $65,000 level has allowed the BTC market to reach a new higher high. This is significant as a higher high generally indicates a bullish sentiment.
First $BTC daily close above the “must hold” level at $65k (and a higher high). Final thing I want to see is a weekly close above for additional confirmation (3 days to go). The new uptrend may officially be confirmed! – Miles Deutscher (@milesdeutscher) September 27, 2024
Can the BTC Uptrend Be Confirmed?
Deutscher advises a cautious approach, suggesting that investors should avoid making hasty decisions. He intends to observe whether the $65,000 level can sustain itself in the market. According to him, if the weekly Bitcoin chart shows the price holding this level, it could confirm the beginning of a new strong uptrend.
Examining the weekly chart, the Bitcoin market appears extremely bullish, showing three consecutive bullish candlesticks. The only bearish candlestick this month was during the first week when the price closed at a low of $54,855. In the second week, the price surged from $54,912 to $59,123. The third week saw a high of $63,588. This week is expected to follow the pattern set by the second and third weeks.
In conclusion, the $65,000 level is crucial for the Bitcoin market. If the BTC price maintains this level, it can be considered a confirmation of a new uptrend. As Deutscher’s post suggests, we only need to wait a few more days to see if the Bitcoin price can hold this level.
