TL;DR:
- Bitcoin cleared the $87,300 mark on September 21, 2026, marking its highest price level since January of the same year.
- The derivatives market recorded $648 million in short position liquidations within a 24-hour window.
- Aggregate cryptocurrency market open interest expanded by 7.6% to reach $156 billion during the same session.
The ongoing rally across the crypto market is defined by Bitcoin FOMO, which has once again taken center stage in market discussions as the pioneer cryptocurrency’s price broke above $87,000 this past Monday, September 21.
This vertical move triggered a wave of forced buying and short-covering across major exchanges. On-chain analytics firm Santiment reported that the volume of bullish commentary reached its highest level since December 2024. According to market analysis, this shift in trader psychology directly contrasts with the capitulation sentiment observed when the asset was trading near $60,000 in late June 2026.
Despite retail euphoria, market analyst Michaël van de Poppe posted on his X account that price action might be at an earlier stage than the broader trading crowd perceives. According to Van de Poppe’s projections, the current technical structure shares similarities with the $22,000 level of the previous cycle, prior to the realization of the broader leg up.
A lot of people feel FOMO right now.
A lot of people felt fear during that period at $60,000.
Small reminder that #Bitcoin ran from $16,000 to $125,000 in the previous cycle.
The cycle before that it ran from $3,000 to $69,000.
Where are we now?
Compare it to the valuation… https://t.co/iNSvTfKT7Y
— Michaël van de Poppe (@CryptoMichNL) September 22, 2026
The analyst noted that during the 2018–2021 cycle, the currency’s value advanced from a $3,000 floor to a peak of $69,000. Furthermore, data cited in his historical comparison points out that in the subsequent run, the asset transitioned from $16,000 to $125,000. Based on this historical path, Van de Poppe argued that the potential upside margin remains significant both for the market leader and the altcoin segment.
Derivatives Metrics and the Cycle Maturity Debate
Short liquidations totaling $648 million injected immediate buying pressure into spot market order books. Global trading volume registered a 39% increase during the session of September 21, 2026, according to records from derivatives tracking platforms.
Open interest did not retrace following the short squeeze; instead, it advanced 7.6% to stand at $156 billion. Santiment data indicates that this dynamic reflects traders adding fresh leverage immediately rather than de-risking after the price spike. The analytics firm cautioned that extreme optimism readings have historically served as contrarian signals preceding temporary consolidations.
In parallel, institutional inflows into US-based spot Bitcoin exchange-traded funds (ETFs) logged net entries of $998.95 million in a single trading session. This capital influx supported the breakout above the 50-week moving average, positioned near $78,700.
The outlook of an extended expansionary phase aligns with recent institutional projections. According to remarks by Matthew Sigel, Head of Digital Assets Research at VanEck, Bitcoin’s volatility has dropped by approximately 50% compared to the prior four-year cycle.
From the perspective shared by Sigel in early September 2026, sustained accumulation by sovereign wealth funds and registered investment advisors could support a price target near $100,000 on a 12-month horizon, driven by US fiscal pressures and thinner liquid supply across exchange order books.
Market observers will eye the weekly candle close on Sunday, September 27, 2026, as the next formal milestone, where traders will look to confirm whether the price can definitively consolidate above the $88,000 technical resistance zone.
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