Price Analysis
  • Steve Muchoki
    author-profile
    Steve Muchoki right arrow
    Author

    Steve is a crypto news writer with a passion for decoding market moves. He blends breaking blockchain news with sharp technical analysis and bold price predictions. From Bitcoin rallies to altcoin breakouts, Steve breaks it all down with clarity and insight. Whether you're a trader or just curious, his analysis keeps you ahead of the curve.

    • 1 minute read

    Bitcoin Price Rebounds Above $112k, Analyst Says Bottom is In Ahead of Q4 Rally

    Story Highlights
    • Bitcoin price has followed the Gold price in a bullish outlook amid rising institutional demand.

    • Crypto analyst Benjamin Cowen says the BTC/USD pair is ready for a cycle top in the fourth quarter.

    Bitcoin (BTC) price led the wider altcoin market in a mild rebound on Wednesday, September 3. The flagship coin extended the gains recorded during the past three days to reach a range high of about $112,517 during the mid-New York trading session.

    Ethereum (ETH), Solana (SOL), and Dogecoin (DOGE) led the large-cap altcoins in today’s mild rebound. As a result, the total crypto market cap edged $1.4% higher to hover about $3.97 trillion at the time of this writing.

    Top Reasons Why Bitcoin Price Rebounded Today

    Gold-led Rebound

    Bitcoin price followed Gold and the wider stock market rebound on Wednesday. After consolidating since April this year, the Gold price has rallied nearly 7% during the past three days to reach a new all-time high (ATH) of about $3,563 per ounce at the time of this writing.

    The rising demand for gold has seen its use as a global reserve currency increase while fiat currencies led by the U.S. dollar and the Euro decline. According to Ray Dalio, billionaire hedge fund founder, the demand for hard currencies such as gold and Bitcoin will continue to grow as countries grapple with unsustainable debt-to-GDP ratios led by the United States.

    Technical Tailwind

    Bitcoin price rebounded on Wednesday above $112k partially fueled by a technical tailwind. In the daily and weekly timeframe, BTC price rebounded from the support level around $108k, which also coincided with the short-term MVRV Indicator.

    According to crypto analyst Benjamin Cowen, the Bitcoin price has historically found a bottom in September of the post-halving year ahead of its Q4 cycle top.

    Rising Institutional Demand amid Regulatory Clarity

    Bitcoin price has also experienced bullish sentiment in the past three days fueled by rising demand from institutional investors. According to market aggregate data from BitcoinTreasuries, 21 more entities have added Bitcoin to their treasury account, thus increasing the group to 314 led by Michael Saylor’s Strategy.

    Traditional banking institutions have also adopted Bitcoin to retain their customers, led by U.S. Bancorp. Institutional investors are banking on the mainstream adoption of Bitcoin and the wider altcoin market fueled by clear crypto regulations. 

    Show More

    Related Articles

    Back to top button