There was widespread celebration throughout the crypto ecosystem on Aug. 23 after the sight of Bitcoin (BTC) again above $50,000 triggered a resurgence of requires the highest cryptocurrency to succeed in $100,000 earlier than the tip of 2021.
Information from Cointelegraph Markets Professional and TradingView reveals that the early morning bullish momentum that lifted the worth of BTC to an intraday excessive at $50,514 started to wane because the day progressed at presently the worth trades barely above $49,0.
Right here’s what analysts are saying may probably come subsequent for the worth of Bitcoin now that it’s again close to the psychologically essential $50,000 stage.
Low quantity hints at a short-term pullback
Bitcoin’s rally to $50,000 led many to imagine that the worth is just going to go up from right here, however analysts from Decentrader supplied a phrase of warning as a result of the lackluster quantity seen in the course of the latest transfer may very well be a sign that the worth might must regroup at decrease help ranges.
As noted by Decentrader, there was inadequate quantity throughout this latest transfer to push BTC worth above $52,000, and now it’s trying like a pullback to $48,000 or probably decrease may very well be within the playing cards as bulls take a break and regroup forward of their subsequent push greater.
The analysts at Decentrader recognized $44,000 and $41,000 as help ranges to control ought to the worth of BTC undergo a bearish breakdown.
Accumulation close to $49,200 is anticipated
The prospect of a short-term pullback was additionally highlighted by pseudonymous cryptocurrency analyst Crypto_ED_NL, who’s now in search of the worth to see a significant pullback under $50,000.
#BTC replace
Was ready for it to interrupt down earlier than going lengthy….
Will search for longs in inexperienced demand zone pic.twitter.com/4UjVXluYn2— Crypto_Ed_NL (@Crypto_Ed_NL) August 23, 2021
Primarily based on the chart supplied, Crypto Ed recognized the world between $49,100 and $49,300 as a very good zone the place merchants would possibly look to open lengthy positions.
Associated: Bloomberg strategist explains why 30-year US bonds have ‘bullish implications’ for Bitcoin
$75,000 by the tip of the 12 months
A extra bullish tackle the present worth motion was supplied by pseudonymous Twitter consumer ‘RookieXBT’, who posted the next tweet calling for the worth of BTC to succeed in $75,000 by the tip of the 12 months.
$BTC
$75,000 USD by eoy
= inevitable pic.twitter.com/eSvxY7mZSZ
— RookieXBT (@RookieXBT) August 23, 2021
In a follow-up tweet, RookieXBT famous that whereas “squiggles virtually by no means work out as drawn,” the general concept is that BTC will “make a brand new all-time excessive earlier than the tip of the 12 months.”
RookieXBT mentioned:
“Within the time Bitcoin spends between $50,000 and $60,000, I believe Ethereum breaks its all-time excessive after lagging in the course of the preliminary up transfer.”
The general cryptocurrency market cap now stands at $2.142 trillion and Bitcoin’s dominance charge is 43.4%.
The views and opinions expressed listed below are solely these of the creator and don’t essentially mirror the views of Cointelegraph.com. Each funding and buying and selling transfer entails danger, it’s best to conduct your personal analysis when making a choice.
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