Bitcoin (BTC) briefly recovered the $60,000 level on Friday, September 13, 2024. Despite the recovery, the original cryptocurrency was not able to sustain its price at the $60,000 level and faced a correction towards the $58,000 level.
BTC is down 0.4% on the daily chart, 0.6% on the 14-day chart, and 1.4% month-on-month, but the weekly and yearly charts remain bright green, up 2.5% and 121.7%, respectively.
Why is the market so sluggish?
Bitcoin (BTC) price appears to be hovering just below the $59,000 mark. The lack of any upward momentum could be attributed to weak investor sentiment and macroeconomic factors. US inflation came in below expectations, while the employment report left market participants dissatisfied.
While the market may be down at the moment, a trend reversal is possible given that the Federal Reserve has announced that it will begin cutting interest rates starting this month.
BTC predicted to reach $82,000
Bitcoin (BTC) will soon break through the $80,000 level, according to data from CoinCodex. The platform predicts that BTC will hit an all-time high of $82,180 on October 15, 2024, about a month from now. Reaching $82,180 from current price levels would represent a roughly 40% increase.
Researchers at Changelly predict a similar outcome for Bitcoin (BTC): The platform predicts that BTC will breach the $80,000 level in October and hit an all-time high of $82,223 on October 14, 2024.
Although predictions regarding BTC are very bullish, the asset may not reach new all-time highs in October if the interest rate cut is not well received by market participants.
