- After a sharp drop following the news of SpaceX, led by Elon Musk, selling its Bitcoin assets, the BTC price is currently showing a positive upward trend.
- Popular analyst CrediBULL Crypto had previously stated that the $27,000 range would be a good position for bears before the cryptocurrency’s bull reversal.
- Any sign of soft signals from US Fed Chairman Jerome Powell after the FOMC meeting could mean a potential bullish impact on financial markets and, therefore, the crypto market.
After the upward movement in Bitcoin, investors are wondering whether the bull run has started; This level is required for the bull run!
Has the Bull Run for Bitcoin Started?
Just about a month ago, following the news of SpaceX, led by Elon Musk, selling its Bitcoin assets, the BTC price experienced a sharp drop. However, the bigger question is whether the upward momentum can be sustained in the near future.
On Wednesday, the Federal Open Market Committee (FOMC) is expected to announce a pause in interest rate hikes on September 20, and this possibility could trigger some optimism in financial markets and, consequently, the crypto ecosystem.
Popular analyst CrediBULL Crypto had previously stated that the $27,000 range would be a good position for bears before the cryptocurrency’s bull reversal. According to this analysis, the BTC price was looking stable around $27,200. Therefore, CrediBULL predicts that the bull run will start if the cryptocurrency surpasses $500 above the current region, saying, “Another $500 higher, and all bear arguments invalidated.”
So, if BTC breaks $27,800, the likelihood of dropping back to $25,000 would be less, he said, adding, “A journey below the mid-$25,000s still holds a higher probability. If we succeed, it carries a much lower probability.”
High Open Positions
Rising Bitcoin open positions right in time for the FOMC interest rate decision could amplify price movements. Open positions represent the volume of open positions on derivative exchanges.
Furthermore, any signs of soft signals from US Fed Chairman Jerome Powell in the press conference after the FOMC meeting could potentially have a bullish impact on financial markets and, consequently, the crypto market. However, if Powell’s speech indicates that the tight monetary policy will continue, the markets may not react significantly to the FOMC decision.
