On Monday, September 18, Bitcoin prices surpassed the $27,000 level. Over the past 24 hours, the asset added 1.7%, according to CoinGecko.
At the time of writing, Bitcoin was hovering near $27,090. As shown in the chart below, the rally is accompanied by a surge in trading volumes.
Following the flagship, nearly all assets in the top 10 by market cap moved into the green zone. At the time of writing, the exceptions were XRP (-0.1%) and TON (-1.9%).
Trader and analyst Michaël van de Poppe suggested that the trend \”will be upwards, as altcoins are waking up\”.
#Bitcoin price breaks the barrier at $26,800 and attacks the highs at $27,200.
Trend looks like to be upwards from here, as altcoins are also waking up.
Still the best period to buy your assets. pic.twitter.com/EfSQVJugQz
— Michaël van de Poppe (@CryptoMichNL) September 18, 2023
\”Still the best time to buy assets,\” he added.
On September 11, digital gold tested the $25,000 mark on expectations for the U.S. Bureau of Labor Statistics report. The asset reacted in a mildly negative way to the inflation data release, but quickly recovered.
In August, Federal Reserve System Chairman Jerome Powell confirmed the central bank’s readiness to continue raising the policy rate if necessary, and Bitcoin reacted with volatility.
On August 31, the price of the first cryptocurrency tested the $26,000 level, briefly falling to $25,660. The negative reaction was linked to the actions of the SEC — the agency postponed decisions on applications to launch spot Bitcoin ETFs from BlackRock, Fidelity, Bitwise, VanEck, WisdomTree, Invesco and Valkyrie как минимум до середины октября.
Earlier, BitMEX co-founder Arthur Hayes warned of a possible brief dip below $20,000 followed by a new bullish impulse. However in September he pointed to positive prospects for Bitcoin despite the Federal Reserve’s policy.
The founder of Edelman Financial Engines, Rick Edelman, forecast Bitcoin’s price rising to $150,000 by summer 2025.
Recall, Bitcoin’s dominance has returned to the 50% mark after declines in August and early September. At the same time, the overall crypto market capitalization and the altcoin sector are experiencing a downturn.