The cryptocurrency market experienced a strong upward movement after a long period of calm. According to data, Bitcoin (BTC) briefly rose above $69,000, gaining approximately 5.7% in the last 24 hours. Ethereum (ETH) also climbed above $2,100, rising nearly 8.8%. The total value of the cryptocurrency market also increased by 4.7%, reaching approximately $2.4 trillion.
With the rapid market recovery, the view among investors and analysts that the bear market in Bitcoin may be nearing its end has begun to gain strength again.
Trader Killa, known for accurately predicting Bitcoin’s downward trajectory in the current bear market, stated that BTC has begun to recover from its lows, adding that investors might miss the next rally while waiting for the “perfect bottom.”
According to Killa, Bitcoin’s long-term target is still above $150,000. The renowned trader also believes that the traditional four-year cycle followed in the Bitcoin market for many years may change in the future.
Critical Level for Bitcoin: $69,500
Killa pointed out that Bitcoin’s 200-day moving average is around $69,500. According to the analyst, if BTC surpasses this level and remains above it, it could be a significant confirmation that the market has entered a bull market again.
The fact that Bitcoin encountered resistance precisely in this region after rising to around $69,500 in the recent upward movement has increased the importance of this technical level.
Statements from institutional sources also support the optimism in the market. Bitwise Chief Investment Officer Matt Hougan said that income-generating on-chain assets are starting to be repriced in the cryptocurrency market.
According to Hougan, some protocols that can generate real income may see an upward revaluation in their market values.
Bitwise Europe also stated in its August report that there are signs of institutional demand beginning to accelerate again. The report cited capital inflows into ETPs, the high supply of Bitcoin held by long-term investors, and the stabilization of demand from companies adding cryptocurrencies to their balance sheets as potential supportive factors for the market.
Bitwise: Hundreds of Billions of Dollars in Potential Capital
Matt Hougan, in his assessment on The Rollup podcast, stated that Bitcoin is becoming increasingly “insensitive” to negative news and that the current bear market may be nearing its end.
Hougan also stated that even if only 1-2% of the approximately $20 trillion in assets managed by Morgan Stanley, Wells Fargo, UBS, and Bank of America Merrill Lynch were directed towards cryptocurrencies, it could provide a sustained influx of hundreds of billions of dollars into the sector.
*This is not investment advice.
