Bitcoin Today: 09/27/2024: Buying force could take BTC to all-time high

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Bitcoin Today: 09/27/2024: Buying force could take BTC to all-time high
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With a lot of challenge, traders managed to generate buying force to place Bitcoin (BTC) in the US$65,200 region. According to CoinGecko, BTC registered an increase of 1.7% this Friday (27) and its price surpassed US$65,700.

This result made BTC register the third biggest increase in the Top 10, second only to Solana (SOL), which rose 28%, and Dogecoin (DOGE), with an increase of 7.2%. In fact, memecoins had the best overall performance of the day, occupying four of the five highest rises in the Top 100. The one that stood out the most was PEPE, which rose 14.9%.

Other memecoins that rose strongly were BONK, up 13.7%, Shiba Inu (SHIB), up 12.8%, and FLOKI, which increased in value by 12.7%. Finally, only POPCAT went against the trend and opened the day with a drop of 5.1%.

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Regarding Bitcoin, the outlook has become increasingly optimistic. If the price manages to close the weekly chart above this level, the market could continue the upward trend from October onwards – the famous uptober.

Next targets for Bitcoin

According to Bitget analyst Fernando Pereira, Bitcoin has finally broken out of the consolidation zone that kept its price below $64,000. As a result, the cryptocurrency should continue to rise in the coming days and open October on a high.

“With this scenario, BTC has defined targets for possible resistance. The first of these is the US$67,069 region, which could be tested later this week, and then US$71,567 and US$74,348”, said the analyst.

In this last scenario, BTC would break its all-time high in October, starting a new upward rally. And other analysts already suggest the possibility of the price reaching US$80,000 in the coming weeks.

Several factors support the thesis that the price of Bitcoin could reach $80,000 in October. One is the macroeconomic side, especially the US rate cut. After surprising the market by cutting 50 basis points, analysts estimate that the Federal Reserve (Fed) could make two more cuts in 2024.

At the same time, the People’s Bank of China (PBoC) also announced interest rate cuts and stimulus policies to improve the country’s economy. These packages tend to increase the liquidity of money in the economy, which brings benefits to risky assets.

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In fact, analysts already predict that BTC could reach $100,000 following China’s stimulus package and its cryptocurrency trade with Russia.