At the beginning of the year, Bitcoin’s price was around $44,215.21. In late January, the market gained strong upward momentum, pushing the price to a yearly peak of $73,057 in mid-March. Since then, the market has been slowly declining, though in early June and late July, buyers made unsuccessful attempts to push the price higher. Now, the price stands at $56,045. On August 25, it was around $64,218. By August 28, it had slipped below the $60,000 mark. Currently, the Bitcoin market is struggling to break above this key level. Experts have shared something interesting about Bitcoin’s price action. Let’s dive in! Ready?
Bitcoin’s March Peak: An Interim Top?
The general belief is that the peak reached by the BTC market in mid-March represents the highest point of this current bullish momentum. Sachi, a CryptoQuant analyst, challenges this general perception. The analyst argued that the market has the potential to climb far above the mid-March peak.
Bitcoin’s Cooling-Off Phase
A latest analysis viewpoint published by bitcoinsit suggests that the Bitcoin market is currently in a cooling-off phase.
Experts like Sanchi view the present consolidation phase as an inevitable adjustment period before the next bullish run.
What’s Next for Bitcoin?
The Bitcoin market has experienced a sharp decline of 2.3% in the last 30 days and a dip of 6.0% over the past 7 days. Looking at the one-day chart of Bitcoin, it is clear that the level of $60,000 is a vital point to watch. Since the beginning of the month, the market has been trying to break above this level. However, each time it has failed to reach anywhere near it, though, on September 2, buyers made a strong attempt.
In conclusion, although the Bitcoin market currently appears lackluster, considering Sachi’s observations, there are enough reasons for Bitcoin enthusiasts to hope for a bullish trend soon.
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