Is the September curse finally over?!
September surprised many by closing with a 7% rise in Bitcoin’s price, challenging its usual bearish reputation. As Q4 begins, Bitcoin (BTC) is gaining momentum, reaching $66K for the first time in six weeks. Key indicators now suggest a major rally could be brewing, possibly leading to a new all-time high. All signs point to November as a crucial moment for Bitcoin.
What’s driving this bullish sentiment?
On-chain data reveals a significant shift as investors move Bitcoin from exchanges to cold wallets, indicating a phase of accumulation.
This signals growing confidence in Bitcoin’s long-term potential, especially as BTC now trades above its bull market support band. If this trend continues, Bitcoin could break through its previous all-time highs and rally further.
Another factor fueling Bitcoin’s bullish outlook is the increasing demand in decentralized finance (DeFi). Currently, 1% of Bitcoin’s total supply is locked in DeFi protocols, creating scarcity in the spot market. This trend, combined with the introduction of Coinbase’s Bitcoin-pegged token (cbBTC), could drive prices higher in the coming months.
A familiar pattern from 2019, which also mirrored the Covid-19 crash, has reappeared on Bitcoin’s charts. Historically, this pattern has led to substantial rallies, raising hopes for a similar outcome this time. If it repeats, Bitcoin could see major upward momentum soon.
Institutional investors like BlackRock continue to increase their Bitcoin holdings, signaling their confidence in future price growth. BlackRock recently acquired over 5,000 BTC, further boosting the case for a bullish breakout.
Bitcoin’s recent price action has pushed short-term holders back into profit, with many now seeing gains. This positive shift adds to the bullish sentiment, as the $63K level becomes a crucial support point. If Bitcoin continues to rise, this level could help propel the price higher.
With multiple bullish signals flashing, all eyes are on November to see if Bitcoin will reach a new all-time high. Should these trends continue, Bitcoin could not only surpass its previous records but also establish stronger price levels for the rest of the year.
Is Bitcoin ready to break its all-time high? Let us know your predictions.
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