Bitcoin Price Crosses $60K: Analyst Says Institutional Demand Makes This Rally Special

Bitcoin Price Crosses $60,000, Institutional Players Signal Long-Term Growth

For the first time since August 30, Bitcoin has recovered the critical $60,000 price level, and a crypto analyst says that the growing interest from institutional players indicates that this time around is special. According to the crypto analyst Rajat Soni, Bitcoin has been consolidating above $50,000 for more than half a year. The asset mostly attracted interest from retail investors in 2021, the last time it was above $50,000.

This time is different. The price struggled to maintain $50K+ because most of the buying was from retail investors who are notorious for buying and selling based on emotions.

Soni

Institutional investors are here, Soni asserted, and they’re prepared to purchase anything that individual investors wish to sell. Be prepared to pay substantially more to receive the same amount back if you’re selling, he cautioned his followers.

Bitcoin’s September Rally: Anonymous Trader Jelle Predicts a Green Close

An anonymous cryptocurrency trader named Jelle predicted that Bitcoin would outperform its typical September trend once the asset crossed $60,000 in value. Just three times in history—in 2015, 2016, and 2023—has the trader noted that it has attained a green close in September. With an average monthly loss of 4.49% over the previous 11 years, September is the worst month for Bitcoin, according to CoinGlass data.

Bitcoin is currently on track to close September in the green,

Jelle

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