Bitcoin’s balanced movements just below $26000 have provided the required bullish sentiments for positive crypto price forecasts for long-term investors.
The crypto market has been trading with renewed confidence in the last 24 hours. After Bitcoin bounced back from its lows, it has been trading comfortably above $25500. The range-bound movement could continue for some time before receiving support from bulls. Crypto price forecasts have been relatively positive for September, with a few other developments as well.
Global investment firm Franklin Templeton has filed for a spot Bitcoin ETF, joining others in the queue. However, the firm was quick to point out the regulatory uncertainty for crypto in the U.S.
It said, “Digital asset markets in the U.S. exist in a state of regulatory uncertainty, and adverse legislative or regulatory developments could significantly harm the value of Bitcoin,” hinting towards the implications of risks arising from unstable or non-existent crypto regulations.
Nevertheless, the firm could be bullish enough on crypto to file for the ETF. Other crypto tokens have also surged with Bitcoin’s recent rise. Crypto tokens like ETH, Polygon, and Toncoin saw gains.
Bitcoin’s recent movements could indicate a foundation for a broad crypto rally soon. Once it consolidates within a price range, bulls could aim to take it forward by early 2024.
BTC/USD 1D price chart
Bitcoin is currently trading at around $25900 on September 13, 2023, with BTC/USD trading higher by 0.8% in the last 24 hours. BTC/USD is trading lower than its 20-day EMA (26,160.10) as BTC’s 24-hour volume stayed at around $16 billion. Bitcoin has seen around 56.19% returns on a year-to-date basis.