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The Bitcoin price is rising again above $115,000. Apparently, new data from the Consumer Price Index from the USA is helping the market to new gains. CoinPro explains why one expert now sees another BTC all-time high on the horizon.
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Bitcoin Price Rises above $115,000
The Bitcoin price is currently trading above $115,000 again. The market last valued the largest cryptocurrency at this level on August 24. The price then slumped.
BTC is reversing a negative trend thanks to the latest price gains. Because Bitcoin is recording gains, the rest of the crypto market is also largely in the green. BTC has risen by up to 2.97 percent since yesterday. The entire crypto market recorded a 1.14 percent gain at the time of going to press.
Experts speculate that a decreasing rate of inflation in the USA is triggering new euphoria in the crypto market. Fresh money is flowing into the market and is therefore causing prices to rise.
- Bitcoin
(BTC) - Price $116,196.00
- Market Cap
$2.31 T
Is Bitcoin’s Next Price Rally Starting?
The current market situation could indicate the next Bitcoin price rally. How bullish the current price gains are is noticeable when comparing similar historical events. Price analyst Ali Martinez expected price losses yesterday, as BTC had repeatedly fallen after the publication of US inflation data.
“Bitcoin has seen an average decline of nine percent after each release of the Consumer Price Index in recent months!”
Instead of renewed losses, BTC achieved price gains. This fact is already triggering euphoria among some experts. Price analyst Crypto Jebb now expects the continuation of the price rally. As a result, an increase above the current Bitcoin all-time high of around $124,500 is to be expected.
“Bitcoin has started the next phase of its rally and will soon reach its all-time high again,” Crypto Jebb explained.
However, it must first be shown whether the market is ready for the next rally. This can be seen in whether the Bitcoin price clings to a high price. If the cryptocurrency falls to around $110,000, the bears will outweigh the bulls.
“A correction below $110,800 would overturn the rally. I expect a new Bitcoin ATH within about 30 days. I’m betting on October 15th to 20th, somewhere in that time frame.”
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If the expert’s assessment proves to be true, Bitcoin should now generate around nine percent profit over the next four to five weeks.
Memecoins are Already Exploding: What Does that Mean?
Among the CMC-100, it is once again noticeable that memecoins dominate the trends. In the daily trend, four memecoins by far record the highest gains. MemeCore (M), Bonk (BONK), Pump.fun (PUMP) and Pudgy Penguins (PENGU) lead the daily trend.
They record gains between 11.60 and 7.82 percent. Memecoins are usually considered a clear indicator of the current market situation. They therefore benefit particularly strongly from euphoria, but are massively affected by pessimism.
The currently enormous price gains of the memecoins indicate that the euphoria of the crypto market has reached a remarkable level. According to the Fear & Greed Index from Alternative.me, the mood on the crypto market has changed from “neutral” to “greedy” since yesterday.
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