The crypto market is making another bullish turn, with Bitcoin (BTC) reclaiming the $114,000 price point. According to CoinGecko, the original crypto has rallied 2.5% in the last 24 hours, 2.2% in the last week, and 2.4% in the 14-day charts. Despite the upswing, BTC’s price is still down by 3.9% over the previous month. Bitcoin’s (BTC) latest upward momentum has opened the possibility of it hitting a new all-time high very soon.
Will Bitcoin Hit a New All-Time High in September?
Bitcoin (BTC) is currently down by about 8% from its peak of $124,128, which it attained on Aug. 14 of this year. BTC’s latest rally could see the biggest crypto by market cap breach the $124,000 mark once again.
According to CoinCodex analysts, Bitcoin (BTC) will continue to rally over the coming days. The platform anticipates Bitcoin to hit a new all-time high of $127,929 on Sept. 18. BTC’s price will rally by 11.9% from current price levels if it hits the $127,929 target. CoinCodex anticipates BTC to face a slight correction after climbing to $127,929. However, the platform anticipates BTC to breach the $130,000 mark by December of this year.
Why Is The Market Up Today?
The latest market rally is likely due to positive inflation data for the month of August. US inflation cooled off at the wholesale level last month, coming in at 2.6%. The move may have elevated investor sentiment.
Another factor that may have helped Bitcoin (BTC) reclaim the $114,000 price level is the high chances of an interest rate cut this month. The cooling inflation numbers may have further bolstered the chances of a rate cut from the Federal Reserve.
Also Read: Crypto Pumps as Fed Cut Odds Double—Bitcoin Traders Eye 50bps
Both developments may propel Bitcoin (BTC) to a new all-time high. Other crypto assets may also follow suit. The stock market is also gaining, giving more confidence to investors about the US economic growth.