Bitcoin

Bitcoin Price Reclaims $112K as Bull Market Sentiment Returns

5 hours ago
Bitcoin Ethereum News

Bitcoin prices reclaimed a critical price level during early trading in Asia on Monday morning, sparking renewed bullish sentiment. 

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Bitcoin has reclaimed last week’s losses, surging to a four-day high of $112,350 during early trading on Monday morning.

It is now sitting at a crucial support-turned-resistance zone, which needs to be cleared soon for the bull market to resume.

The depth of the September correction currently stands at 13% when the asset fell earlier this month. The latest retreat only saw BTC decline to just below $109,000 late last week.

“I think the Bitcoin bull market has not ended and will continue,” said Stock-to-flow model creator ‘PlanB’ on Sunday, before adding, “I don’t know until when, or how high. It could also be a long, steady uptrend, without FOMO+crash.”

Bull Market Fever Is Back

“We’re barely in a Bitcoin bull market, to be honest,” said analyst ‘Zynx’

They added that every cycle since inception, Bitcoin has more than doubled its price in gold at a minimum, usually much more than that.

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“I would say that $300k is becoming increasingly likely. It’s impossible to give a timeframe, but I’m expecting $151k to be crossed within the next 6 months.”

50T Funds co-founder Dan Tapiero said the same thing: “Wake up. Bull market in Bitcoin has not started yet. Same price in gold terms as five years ago.”

ITC Crypto founder Benjamin Cowen observed that Bitcoin closed its weekly candle above the bull market support band.

He added that it was similar to 2020, when in September, there were two weeks up and then two weeks down.

Meanwhile, trader and analyst ‘Tara’ looked toward Fibonacci retracement levels with the first being reached in today’s move and the second $114,300 after a potential pullback.

The Bitcoin Fear and Greed Index has also returned to 50, neutral, after spending the last week in fear territory.

Ethereum Reclaims Bullish Momentum

Ether prices also reclaimed the psychological $4,000 level on Monday morning.

“I’m not long-term bearish on ETH,” said investor Ted Pillows, who pointed out that the asset rallied almost 250% from its bottom, so a correction is expected.

“I think the Ethereum correction will be over in a few weeks. After that, ETH will rally above $10,000.”

‘Daan Crypto Trades’ echoed the sentiment, observing that the weekly candle closed back above the previous cycle highs “after a solid effort by the bulls and a late Sunday push.”

 

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