It turns out September is not a very interesting month as the price of Bitcoin is going down. This has cost Bitcoin bears a big deal, as they have lost up to $450 million daily in liquidations. Bitcoin reclaimed the 50k level on Thursday, which led to a significant loss for the bears. According to TradingView and CoinTelegraph Markets Pro, BTC/USD suddenly broke through the $50K mark and attained its highest since August 23.
High volatility in the market made the pair bullish, leading to a local high of $53K on Bitstamp. According to Cointelegraph, when Bitcoin exceeds the 51k mark, it will indicate the Bitcoin Bull Run is on. There is, however, a high resistance at that level, and many analysts are curious to see how far the momentum will go.
Many short traders suffered losses, and there are high liquidations on exchanges, which can be an equivalent of almost 0.5 billion dollars in a day.
According to Cointelegraph, September typically has a similar trend when it comes to Bitcoin returns. When you analyze the records, 6% is usually the highest performance. Plan B, the stock-to-flow model creator, had predicted a 43k minimum monthly close. His prediction is based on past trends, including China’s mining crackdown and Elon Musk’s comments.
He had predicted August would close at 47k, and this is exactly what happened. At the moment, he has predicted at the end of October, Bitcoin will be at a minimum price of 68k, which will be a new all-time high.
With the current trend, it is obvious there is a bullish trend. So far, the crypto has gained by 4.5% in a day. Other altcoins are also exhibiting a positive gain trend. All the three managed to gain by 7%, making BTC fourth. When BTC breaks $50K, it means its next level will be $58K- $60K. The first two days of September have already broken the record, and there is so much that is expected.
Photo by Austin Distel on Unsplash
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