Bitcoin (BTC) is finally coming backk, and recent price spikes signal the potential start of a long-awaited market rally. With the cryptocurrency retesting the $57,000 level, this renewed momentum could potentially spark a positive price rally increasing profits for Bitcoin.

Bitcoin Retests Modern Highs at $57,000

On Tuesday, September 10, market intelligence platform Santiment revealed a novel positive development in Bitcoin price movementsPlatform revealed in X (formerly Twitter) fasting that the market value of Bitcoin has seen a significant escalate, rising sharply to $57,600 this week.

Interestingly, the price of bitcoin rose by over 4.8% on Monday, September 8, marking a significant milestone for the cryptocurrency, which has been on the rise constant price drops over the past few months. In early August, the price of Bitcoin fell below the $50,000 level, a drop of more than 20%.

Many factors contributed to this huge drop in prices, including: gigantic liquidations by the German government and growing concerns about a sell-off and market uncertainty, fueled by Mt.Gox Bitcoin Distribution PlanWhile the market digested the price crash, Bitcoin struggled to rebound from previous lows and reached its current price above $56,000.

Currently cryptocurrency is testing novel support levels again around $57,000. A rise above this price point could potentially signal the start of an even bigger rally. Santiment revealed that Bitcoin’s recent price rally came amid short-selling activity on major cryptocurrency exchanges such as Binance and Bitmex since September 7.

The market analysis platform, taking into account the current market sentiment, suggests that the fear, uncertainty and doubt (FUD) prevailing among cryptocurrency investors could contribute to an even greater escalate in the price of bitcoin.

This bullish mood is also provided by Michael van de Poppe, a popular cryptocurrency analyst who has reported that Bitcoin is currently maintaining a price range between $58,000 and $56,000. Poppe pointed out that the cryptocurrency is showing forceful price fundamentals, while many altcoins are gaining popularity.

The analyst expressed surprise that Bitcoin was able to invalidate his previous bearish stance and break above $56,000. As such, Poppe expects more positive inflows to the market if Bitcoin can have a retest above $55,000. He he believes that if the cryptocurrency breaks through this level, its price could rise to novel levels between $60,000 and $61,000 in the coming weeks.

Historical patterns suggest imminent BTC breakout

A cryptocurrency analyst identified as “Rekt Capital” on X has published bullish projection for Bitcoin, predicting a major price escalate for the cryptocurrency soon. Historical patterns currently suggest that Bitcoin could potentially experience significant price increases and an exit from the downtrend in the next two weeks.

Rekt Capital revealed that this month September is usually a bear season with narrow monthly returns for Bitcoin. However, it is likely that Bitcoin price could rise significantly by October, extending this positive momentum into November and December.

Featured image created with Dall.E, chart from Tradingview.com