Bitcoin has once again surpassed the significant $60,000 mark for the first time since August 30, and growing interest from institutional investors suggests this time might be different, according to a crypto market analyst.
On September 13, crypto analyst Rajat Soni shared on X (formerly Twitter), “This time is different.” Soni highlighted that Bitcoin has been “holding above” the $50,000 level for more than six months.
In contrast, the last time Bitcoin remained above $50,000 was in 2021, a period dominated by retail investors. Soni explained:
“The price found it difficult to stay above $50K because most of the buying came from retail investors, who are often driven by emotional decision-making.”
Soni emphasized that “institutional investors have now stepped in, prepared to purchase whatever retail investors are willing to sell.” He cautioned his 96,900 followers, stating, “If you’re selling now, be ready to pay a premium to buy it back later.”
Currently, Bitcoin is trading at $60,596, reflecting a 4.25% increase since September 12, as per CoinMarketCap.
Following Bitcoin’s move past $60,000, a crypto trader known as Jelle speculated that the asset could break away from its typical September slump.
“Bitcoin is on pace to finish September in positive territory,” Jelle observed, noting that Bitcoin has only managed a “positive close” in September three times before: in 2015, 2016, and 2023.
Data from CoinGlass confirms that September has historically been Bitcoin’s weakest month, with an average monthly loss of 4.49% over the last 11 years.
In the meantime, Benjamin Cowen, founder of Into The Cryptoverse, noted in a September 14 post that Bitcoin had achieved “the highest daily close for BTC dominance this cycle.”
As of the time of writing, Bitcoin’s market dominance stands at 57.80%, according to TradingView.
Additionally, Will Clemente, co-founder of Reflexivity Research, mentioned in a post on September 13 that there are “early signs of momentum returning in Bitcoin’s technical indicators.”
Clemente added, “A recovery of its 200-day moving average, along with its first higher high in six months, would be the signal to start looking at altcoins.”
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