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Bitcoin Reclaims $80,000 as Wall Street Bullish Sentiment Soars, Fidelity Declares Bear Market Over

Source Tradingkey

TradingKey - BTC Reclaims $80,000 as Wall Street Backs Bulls and Fidelity Declares the Bear Market Over.

On September 29, Bitcoin (BTC) reclaimed the $80,000 mark and continued to fluctuate at high levels, temporarily trading at $81,079, once again approaching strong resistance at $82,000–$83,000. As the price of BTC rose, its market capitalization climbed to around $1.63 trillion, ranking 14th among global assets and surpassing Tesla (TSLA).

bitcoin-btc-price-81a86b42994649adb785681e8ce7b6f1 Bitcoin price chart, Source: TradingView

In early September, impacted by expectations of Fed rate hikes and the procedural vote rejection of the Clarity Act, Bitcoin's price continued to fall from an interim high near $82,000, dropping below $7.5 on September 15, representing a cumulative correction of about 9%. As these two major negative factors materialized, Bitcoin's price gradually recovered and rebounded strongly once again.

On September 16 local time, the Federal Reserve announced a 25-basis-point rate hike, and Bitcoin's price rebounded after a brief dip. Subsequently, the U.S. SEC announced an innovation exemption statement on September 17, providing a compliance framework for on-chain trading of traditional securities and tokenized U.S. equities. The boundary between traditional finance (TradFi) and decentralized finance (DeFi) is rapidly blurring, providing Bitcoin with ample long-term compliant capital support.

In the face of Bitcoin's strong price performance, Fidelity takes a relatively optimistic view, claiming that the Bitcoin winter has ended. Fidelity's Director of Global Macro Jurrien Timmer posted on September 19, stating, "Bitcoin has finally begun to rebound after hovering near the $60,000 support zone for nearly a year, which is typically the duration of a Bitcoin winter, so I feel a new four-year cycle bull market has begun."

On the same day, Alex Thorn, Head of Research at Galaxy, also released a positive bullish signal, predicting Bitcoin's future price action from a technical analysis perspective. Alex Thorn posted, "Hopefully (BTC) Sunday close is above the 50-week moving average to gain further confirmation."

abtc-btc-cf61cbe64a1c4189bb2d3413bb109d16 Bitcoin price and 50-week moving average, Source: Galaxy Research

In addition, VanEck is also bullish on Bitcoin's outlook. Matthew Sigel, its Head of Digital Assets Research, recently stated in an interview with CNBC, "Bitcoin could rise to $100,000 next year, with concerns over government debt and fiscal sustainability providing support for its price."

Source

Disclaimer: For information purposes only. Past performance is not indicative of future results.

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