Bitcoin Eyes $60K and Likely Has More Room to Rally, Analyst Says
Bitcoin price on Sept. 13 (CoinDesk)
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BTC price
Bitcoin price on Sept. 13 (CoinDesk)
It’s been a trend for the last few weeks that cryptocurrencies selloff as the U.S. traditional markets open, underscoring a general risk-off sentiment among American investors.
Bitcoin (BTC) was rising on Tuesday as the crypto market continued its rebound from last week’s fear-inducing plunge.
Bitcoin price (CoinDesk)
Bitcoin price on Aug. 29 (CoinDesk)
Bitcoin price on Aug. 27 (CoinDesk)
The previous two occasions when exchanges saw similar USDT outflows earlier this year occurred near local tops in bitcoin’s price, IntoTheBlock analysts noted.
While the crypto rally was broad-based with ETH, SOL, NEAR gaining 8%-10%, prices rarely go up in a straight line following major capitulation events such as Monday’s crash, one observer noted.
It was more than two years before Bitcoin’s birth when Dr. Herbert Semler, who served as a flight surgeon in the Korean War before leading cardiology at a Portland hospital, co-founded Semler Scientific in 2007.Seventeen years later, the medical device manufacturer has converted much of its cash holdings to bitcoin and aims to buy a lot more.
Bitcoin’s 30% decline in a week was for some observers reminiscent of the March 2020 crash, but there’s been multiple occasions of similar drawdowns during previous bull markets.