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You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/bitcoin-price-rises-after-recent-drop/" data-wpel-link="internal">Bitcoin Price Rises After Recent Drop</a> 
<a href="https://en.coin-turk.com/cryptocurrency-market-alert-bitcoin-holds-38000-amid-regulatory-uncertainty-and-trader-caution/" data-wpel-link="internal">Bitcoin</a> price rose again after dropping to $55,280. However, despite favorable data for crypto, the price remains low. Days ago, we mentioned that closures below $61,700 could trigger a new test of $55,000, and it happened. This situation triggered larger losses for altcoins. For example, the targeted $0.097 test for DOGE also occurred. So, what will happen now? 
<h2 style="text-align: justify" id="expectations-of-crypto-analysts">Expectations of Crypto Analysts</h2> 
After the data came in, Michael Poppe expressed his satisfaction. As we have always expressed here, the Fed has 2 main tasks. As Powell has often stated, the institution’s main job is employment and inflation. While the Fed grows employment and protects it during tough times, it also has to keep inflation at a reasonable level. We can liken this to a balance scale. 
For the past few years, the inflation side has remained high, leading to rapid <a href="https://finance.coin-turk.com/" data-wpel-link="exclude">interest rate</a> hikes without caring about the other side of the scale. For over a year, rates have been kept at their peak. According to historical data, cuts should start 9-12 months after reaching the peak. So, what will force the Fed to do this? Of course, the deterioration of employment on the other side of the scale, and the <a href="https://newslinker.co/can-artificial-intelligence-achieve-consciousness/" target="_blank" rel="noopener" data-wpel-link="exclude">latest data</a> confirms this. 
Poppe wrote the following; 
<blockquote> 
 “- JOLTS Job Openings -&gt; worst in the last 3 years. 
 – ADP Non-Farm Employment Change -&gt; worst in the last 3 years. 
 – Non-Farm Employment Change -&gt; 2nd worst in the last 3 years (last month was worse). 
 So, what is the result? 
 As uncertainty about the strength of the US economy increases and the likelihood of the FED cutting rates significantly rises, Gold is moving up. As it is clear that rate cuts will occur in the upcoming period, bond yields are reaching the lowest levels of the new year. So, what about Bitcoin?” 
</blockquote> 
Yes, Bitcoin should rise in this environment. 
<h2 style="text-align: justify" id="comments-from-kyledoops-and-daan-crypto-trades">Comments from Kyledoops and Daan Crypto Trades</h2> 
Two popular analysts focused on different topics. Kyledoops is interested in the percentage of Bitcoin UTXOs and what it means. Daan pointed to significant levels with the Bitcoin (BTC) chart he shared while the article was being prepared. Kyledoops wrote the following in his assessment, where he published the chart below; 
<blockquote> 
 “The percentage of Bitcoin UTXOs in profit has fallen to 68.5%, the lowest level since October 2023. This decline indicates selling pressure from profit-taking investors. Historically, such declines have occurred before significant price increases; Bitcoin price previously rose by 273% after a similar decline.” 
</blockquote> 
<img loading="lazy" loading="lazy" decoding="async" class="size-full wp-image-386617 aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/09/Bitcoin-150-bin-dolar-olabilir.jpg" alt="" width="1280" height="720"> 
If history repeats itself, Bitcoin should exceed $150,000. Daan, on the other hand, indicated that he expects a bounce from the green areas with the price chart he shared. The expert, who drew attention to the Fib levels, wrote the following; 
<img loading="lazy" loading="lazy" decoding="async" class="size-full wp-image-386618 aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/09/Bitcoin-geri-donus-seviyeleri.jpg" alt="" width="1151" height="775"> 
<blockquote> 
 “The green boxes are the main areas where I am looking for at least a bounce. The .618 was incredible in the previous cycle. In this cycle, we have made many solid rebounds from the .786. Whatever happens, these are the last places to make a ‘higher low’.” 
</blockquote> 
The post <a href="https://en.coin-turk.com/bitcoin-price-rises-after-recent-drop/" data-wpel-link="internal">Bitcoin Price Rises After Recent Drop</a> appeared first on <a href="https://en.coin-turk.com" data-wpel-link="internal">COINTURK NEWS</a>.

Bitcoin Price Rises After Recent Drop

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