Here’s what traders expect now that Bitcoin price rallied back to $50K

Here’s what traders expect now that Bitcoin price rallied back to $50K

Bitcoin is “back in bull market territory” but traders warn that a retest of underlying support levels is bound to occur soon.

There was widespread celebration across the crypto ecosystem on Aug. 23 after the sight of Bitcoin (BTC) back above $50,000 triggered a resurgence of calls for the top cryptocurrency to reach $100,000 before the end of 2021. 

Data from Cointelegraph Markets Pro and TradingView shows that the early morning bullish momentum that lifted the price of BTC to an intraday high at $50,514 began to wane as the day progressed at currently the price trades slightly above $49,0.

BTC/USDT 1-day chart. Source: TradingView

Here’s what analysts are saying could possibly come next for the price of Bitcoin now that it is back near the psychologically important $50,000 level.

Low volume hints at a short-term pullback

Bitcoin’s rally to $50,000 led many to assume that the price is only going to go up from here, but analysts from Decentrader offered a word of caution because the lackluster volume seen during the recent move could be a signal that the price may need to regroup at lower support levels.

BTC/USD 1-day chart. Source: Twitter

As noted by Decentrader, there was insufficient volume during this recent move to push BTC price above $52,000, and now it is looking like a pullback to $48,000 or possibly lower could be in the cards as bulls take a break and regroup ahead of their next push higher.

The analysts at Decentrader identified $44,000 and $41,000 as support levels to keep an eye on should the price of BTC suffer a bearish breakdown.

Accumulation near $49,200 is expected

The prospect of a short-term pullback was also highlighted by pseudonymous cryptocurrency analyst Crypto_ED_NL, who is now looking for the price to see a meaningful pullback below $50,000.

Based on the chart provided, Crypto Ed identified the area between $49,100 and $49,300 as a good zone where traders might look to open long positions.

Related: Bloomberg strategist explains why 30-year US bonds have ‘bullish implications’ for Bitcoin

$75,000 by the end of the year

A more bullish take on the current price action was offered by pseudonymous Twitter user ‘RookieXBT’, who posted the following tweet calling for the price of BTC to reach $75,000 by the end of the year.

In a follow-up tweet, RookieXBT noted that while “squiggles almost never work out as drawn,” the overall idea is that BTC will “make a new all-time high before the end of the year.”

RookieXBT said:

“In the time Bitcoin spends between $50,000 and $60,000, I think Ethereum breaks its all-time high after lagging during the initial up move.”

The overall cryptocurrency market cap now stands at $2.142 trillion and Bitcoin’s dominance rate is 43.4%.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

  • Bitcoin
  • Ethereum
  • Tether
  • Cardano
  • Polkadot
  • Binance coin
  • Dogecoin
Scan to Donate Bitcoin to 194astnfvj2nr6izGJFwG9ebRqNU7ynQYY

Donate Bitcoin to this address

Scan the QR code or copy the address below into your wallet to send some Bitcoin

Scan to Donate Ethereum to 0xe5853a1d08b3ea0bb69276b0e40cdf858968d822

Donate Ethereum to this address

Scan the QR code or copy the address below into your wallet to send some Ethereum

Scan to Donate Tether to 0xe5853a1d08b3ea0bb69276b0e40cdf858968d822

Donate Tether to this address

Scan the QR code or copy the address below into your wallet to send some Tether

Scan to Donate Cardano to DdzFFzCqrhsu1xWeeGai3gbgsbrFP26zPaVrCJqqF286carQJmAkTitRQSUCLhYLpKCotroRRNpKj7YcnAJQqpSfsHHdj8nUaitPvH4j

Donate Cardano to this address

Scan the QR code or copy the address below into your wallet to send some Cardano

Scan to Donate Polkadot to 155rGKVEanCxpi5EqGh8yh1AkGpm6bVUa7RQNydA38KzbhNu

Donate Polkadot to this address

Scan the QR code or copy the address below into your wallet to send some Polkadot

Scan to Donate Binance coin to bnb136ns6lfw4zs5hg4n85vdthaad7hq5m4gtkgf23

Donate Binance coin to this address

Scan the QR code or copy the address below into your wallet to send some Binance coin

Tag/Note:- 105346725
Scan to Donate Dogecoin to DKN9sscVgSBVyG7f9PYJq2D3BhWK5ffUmK

Donate Dogecoin to this address

Scan the QR code or copy the address below into your wallet to send some Dogecoin


Credit: Source Link

Comments are closed.

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More

Privacy & Cookies Policy
WP Twitter Auto Publish Powered By : XYZScripts.com