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Bitcoin price climbs to $ 46,000

Bitcoin (BTC) hit the $ 46,000 mark on August 9. Macroeconomic factors have not dampened enthusiasm after a weekly increase of 18 percent.

BTC / USD 1-hour candle chart (Bitstamp). Source: TradingView

Data from Cointelegraph Markets Pro and TradingView showed the BTC / USD pair was above $ 45,500 at press time on Monday.

After hitting local highs overnight, Bitcoin saw a decline at the start of the new week. However, the coin quickly recovered from that, climbing to a three-month high of $ 46,090.

Analysts expect a correction, but are now all the more optimistic about the short-term development of the BTC / USD pair. PlanB, the inventor of the BTC stock-to-flow forecast model, was among the optimists.

“Bitcoin at $ 46,000,” he also summed up Twitter together. To do this, he uploaded a chart that shows the price development after each halving of the block reward.

“It is 16 months after the halving (red line). Now we are expecting the second stage of this bull market.”

BTC / USD rate after halving, comparison chart Source: PlanB / Twitter

Dan Held, Kraken’s head of growth, argued that Bitcoin’s development was reminiscent of 2013, when the price slumped significantly after an all-time high. In the same year, however, it reached a second, much larger high.

“So far there is no correction in sight for Bitcoin,” says Cointelegraph employee Michael van de Poppe added.

As Cointelegraph reported, concerns about the proposed bill to re-regulate the taxation of cryptocurrency companies in the United States have not dampened sentiment. So far, it has actually acted more as a catalyst for growth.

The crypto market was also unaffected by a sudden, dramatic slump in gold on Monday. The precious metal fell briefly to its lowest price in four months.

“The way from Bitcoin to Gold 2.0 was wonderful”, so hero.

“The foundation stone was laid in the 2008 crisis and the fruits of the corona crisis began to emerge. The crazy thing is that Bitcoin is just getting started.”

Analyst: Bitcoin bridges “greatest divergence” in terms of fundamentals

The price lagged quite behind the fundamentals and still has some work to do.

In this context, the 2018 bear market is not repeated: Bitcoin is climbing towards $ 45,000

The analyst William Clemente spoke on Monday of the “greatest divergence” between the two fundamentals.

Looking at the highs and lows, a target of $ 57,000 emerges. Should that goal be achieved, $ 92,000 will be next.

“When that level is reached again, the next higher target is $ 175,000,” he added.

BTC / USD top / bottom model chart. Source: William Clemente / Twitter

The moving averages, on which Bitcoin has failed in the past few weeks, were able to convert to supports over the weekend.

Hasan Sheikh
Hasan, who loves technology and games, is studying Computer Engineering at Delhi JNU. He has been writing technology news since 2016.


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