The Bitcoin price has increased from $6,100 to $6,550 during the month of September this year – proving a new bullish run and making headlines on many crypto news sites. Currently, Bitcoin is testing the $6,800 resistance level.
Even though the leading cryptocurrency experienced four major dips in its price during the month of September, it consecutively rose and stabilized in a higher region than many expected.
On September 9th, the price of Bitcoin was around $6,100 after its first fall of the month. Five days later, it surged and then dropped to $6,250, to later go near $6,400 on September 26th and climb to $6,600 as the month ended.
Given that the Bitcoin price rose after every fall, it is safe to say that it also strengthened its support level at $6,000 and the momentum at $6,550 according to analysts. This intensity will likely continue if the asset engages in a gradual recovery throughout the month of October.
A rapid increase could lead the price of Bitcoin close to $7,000 soon – or even testing the $8,000 margins by the end of the year. Masayuki Tashiro who is a well-known market analyst, stated his opinion regarding BTC in August this year, commenting:
“Personally I am bullish, and by the time the outline of the regulations will come together in October, those investors who will feel safer will come back. I hope things won’t get as overheated as last year, but I believe BTC can win back the value of 1 million yen (9,020$) in range.”
This proves that September was a short-term bull run for BTC – but also a potential short-term bubble if the leading cryptocurrency does not sustain its strength over the coming weeks.
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