Bitcoin: Recovery Reaches First Price Target

Bitcoin reclaimed the 25,000 USD level for the first time since June 13th.The recovery still has room to the upside. The next target is 30,000 USD.Fear continues to run deep in the crypto sector and provides a contrarian buy signal.Summer recovery more than just a bear market rally?The path of greatest pain continues to lead upwards in the crypto sector.Over the last few weeks, Bitcoin (BTC-USD) as well as the Grayscale Bitcoin Trust (GBTC) were able to stage a recovery. Just two days ago, Bitcoin prices reclaimed the 25,000 USD level for the first time since June 13th.ReviewSince our analysis on July 13th (Relief rally in summer?), Bitcoin has recovered significantly, as expected. At the peak, Bitcoin prices gained almost 33% in the last four weeks and reached the highest level since the crash in mid-June with prices around 25,212 USD. Ethereum (ETH-USD) performed even stronger, rallying nearly 102% over the same timeframe.Over the last two weeks, however, Bitcoin has been rather calmly running sideways between 22,500 USD and 24,500 USD. At the same time, stock markets as well as most commodity prices were able to recover a good bit in recent weeks, too. Hence, financial markets in general are experiencing the expected summer rally.Since sentiment had reached an extreme panic mood in mid of June due to the month-long and severe correction in the financial markets, the perception among participants has now improved significant...