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 achieve $100,000 earlier than the top of 2021.
Information from Cointelegraph Markets Pro and TradingView reveals that the early morning bullish momentum that lifted the value of BTC to an intraday excessive at $50,514 started to wane because the day progressed at at present the value trades barely above $49,zero.
Right here’s what analysts are saying might presumably come subsequent for the value of Bitcoin now that it’s again close to the psychologically vital $50,000 degree.
Low quantity hints at a short-term pullback
Bitcoin’s rally to $50,000 led many to imagine that the value 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 throughout the current transfer could possibly be a sign that the value might must regroup at decrease assist ranges.
As noted by Decentrader, there was inadequate quantity throughout this current transfer to push BTC value above $52,000, and now it’s wanting like a pullback to $48,000 or presumably decrease could possibly 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 assist ranges to control ought to the value of BTC undergo a bearish breakdown.
Accumulation close to $49,200 is predicted
The prospect of a short-term pullback was additionally highlighted by pseudonymous cryptocurrency analyst Crypto_ED_NL, who’s now searching for the value to see a significant pullback beneath $50,000.
— Crypto_Ed_NL (@Crypto_Ed_NL) August 23, 2021
Primarily based on the chart offered, Crypto Ed recognized the realm between $49,100 and $49,300 as a very good zone the place merchants may look to open lengthy positions.
$75,000 by the top of the yr
A extra bullish tackle the present value motion was supplied by pseudonymous Twitter person ‘RookieXBT’, who posted the next tweet calling for the value of BTC to achieve $75,000 by the top of the yr.
$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 thought is that BTC will “make a brand new all-time excessive earlier than the top of the yr.”
“Within the time Bitcoin spends between $50,000 and $60,000, I feel Ethereum breaks its all-time excessive after lagging throughout the preliminary up transfer.”
The general cryptocurrency market cap now stands at $2.142 trillion and Bitcoin’s dominance price is 43.four%.
The views and opinions expressed listed here are solely these of the creator and don’t essentially replicate the views of Cointelegraph.com. Each funding and buying and selling transfer entails threat, you need to conduct your individual analysis when making a choice.