Bitcoin (BTC) briefly reclaimed the $60,000 mark on Friday, Sept. 13, 2024. Despite the recovery, the original cryptocurrency could not maintain its price at the $60k level, facing a correction to the $58,000 level.
BTC is down 0.4% in the daily charts, 0.6% in the 14-day charts, and 1.4% over the previous month. However, the asset continues to glow green in the weekly and yearly charts, rallying by 2.5% and 121.7%, respectively.
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Why The Dull Market Environment?
Bitcoin’s (BTC) price seems to be consolidating just below $59,000. The lack of forward movements could be due to low investor sentiment and macroeconomic factors. Inflation figures in the US came in lower than expected, but the jobs data did not sit well with market participants.
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While the markets may be down right now, a trend reversal is possible, given that the Federal Reserve has announced rate cuts starting this month.
BTC Predicted To Hit $82,000
According to CoinCodex data, Bitcoin (BTC) will soon breach the $80,000 level. The platform anticipates BTC to hit a new all-time high of $82,180 on Oct. 15, 2024, roughly a month from now. Hitting $82,180 from current price levels would translate to a rally of nearly 40%.
The researchers at Changelly also anticipate a similar outcome for Bitcoin (BTC). The platform anticipates BTC to breach the $80,000 level in October, hitting a new all-time high of $82,223 on Oct. 14, 2024.
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While the predictions around BTC are very bullish, there is a possibility that the asset will not hit a new all-time high in October if the interest rate cuts are not well received by market participants.