Bitcoin analysts increasingly assert that this cycle’s lows in BTC prices have been firmly left behind. One prominent Bitcoin analyst boldly stated, “September is not rektember,” underlining the cryptocurrency’s resilience. Insights gleaned from Cointelegraph Markets Pro and TradingView indicate Bitcoin’s primary focus lies below a critical breakout point at $26,600.
Even in the face of recent macroeconomic data from the United States hinting at unexpected stubbornness in inflation, Bitcoin remained unfazed, mirroring the upward trajectory of traditional markets. Amid this renewed bullish sentiment, Michaël van de Poppe, the founder and CEO of the trading firm Eight, expressed optimism about BTC/USD avoiding new lows. In a dedicated post on X (formerly Twitter) dated September 14, he noted, “Bitcoin might be on the cusp of a potential bullish breakout, although we must remain vigilant to prevent a retest of previous lows.”
Highlighting the news of Deutsche Bank, Germany’s largest lender, applying for a crypto custody license, van de Poppe suggested that $25,000 could serve as a pivotal level for the bulls to navigate the market’s course away from potential pitfalls. He added, “We’ve witnessed activity around the $25,000 mark, and it’s crucial to maintain levels between $25,600 and $25,900, as falling below this range may trigger a cascade of stop-loss activations before any substantial movement can occur.”
Despite lingering below several key moving averages (MAs), the 200-week exponential moving average (EMA) continues to offer robust support, a milestone achieved in March, marking the inception of a bullish phase. Van de Poppe shared his perspective, stating, “The probability of this cycle’s low point being behind us has grown significantly. Why? Well, we’re once again holding above the 200-Week EMA, and it’s likely that we’ll close above it again this time around.”
He concluded optimistically, “September is proving to be a month of progress, not regression, and it seems we will continue to build on our current momentum.” He identified $26,800, the previous day’s high, as the crucial threshold to surpass.
Taking a broader, optimistic outlook, the trading resource Stockmoney Lizards similarly predicted further upside in BTC prices. Their analysis employed the Wyckoff method to compare the past year’s price action to an extended “accumulation” phase. According to this method, correctly identifying the trigger point after a swing low, referred to as the “Spring” in Wyckoff terminology, can signal the start of a new uptrend or a return to a previous higher trading range.
Stockmoney Lizards noted that the Spring occurred after BTC/USD reached its low point in late 2022, observing, “We witnessed the Spring in January, a breakout at the end of March, and now, the second throwback. It’s textbook Wyckoff behavior.”