Analysts say Bitcoin’s recent price action could be a sign that the path to new all-time highs has begun.
Bitcoin (BTC) price is trading 16% above the local low of $52,546 reached on Sept. 6, leading analysts to believe that this reversal could be the start of a path to new all-time highs.
“Bitcoin’s Local structure turned back to bullish here, after closing higher than the previous September high, and locking in a higher low as well,” independent Bitcoin analyst Jelle said in a Sept. 17 post on X.
Jelle was referring to Bitcoin’s recent high at $60,670 set on Sept. 13, which was higher than the Sept. 3 high of $59,830. According to the analyst, this setup suggests that the market is strong enough to overcome the resistance at $65,000 and later confront supplier congestion at all-time high.
