Bitcoin’s break above $65,000 and solid buying in-the-spot BTC ETFs have traders convinced that the bull market is back in full swing.
Bitcoin (BTC) rose above $66,000 on Sept. 27, indicating that the northward march toward $70,000 has started. The breakout above $65,000 on Sept. 26 boosted buying in the United States-based spot Bitcoin exchange-traded funds, which saw inflows of $365.7 million, according to Farside Investors data.
The rally is not limited to Bitcoin alone, as select altcoins have also risen sharply from their recent lows. This shows that the sentiment in the cryptocurrency sector has turned positive.
“The likelihood of a Q4 rally is exceptionally high, with gains likely front-loaded,” 10x Research head of research Markus Thielen said in a Sept. 27 report viewed by Cointelegraph.
