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According to pseudonymous trader HornHairs, Bitcoin, the leading cryptocurrency by market cap, is approaching its "grand finale."
The popular chartist has remarked that "summer doldrums" seem to be coming to a close.
Moreover, it has been 650 days since the bear market lows and several months after the most recent quadrennial halving event, which took place in April.
The trader has also added that this is the very first cycle when new all-time highs (ATHs) were pierced before the halving event.
Bitcoin is currently changing hands at $56,362 after giving up some earlier gains, according to CoinGecko.
Legendary trader Peter Brandt recently predicted that the largest cryptocurrency could possibly surge all the way to $150,000 in late 2025.
According to analytics platform Santiment, sentiment improved slightly among retail market participants following Bitcoin’s surge to the $58,000 level on Tuesday. However, wallets with less than 1 BTC now have the highest ratio of supply in as many as seven months.
For Bitcoin to have a decent chance at reclaiming its previous record high, whales that hold more than 100 BTC would need to start aggressively accumulating.
Meanwhile, Bitcoin exchange-traded funds (ETFs) are seemingly having an impressive comeback. On Tuesday, they recorded a total of $117 million worth of inflows.
It seems like bulls are regaining control this September despite the fact that Bitcoin tends to severely underperform during this time of the year. Earlier, former BitMEX CEO Arthur Hayes predicted that the Bitcoin price could plunge all the way to $50,000.
Yuri Molchan
Arman Shirinyan