Bitcoin was again exposed to losses overnight. How endangered is the bull run?
“Just one correction”
Pumping coins like Cardano and Solana, but the most important cryptocurrency continues to decline: Bitcoin has struggled to hold on to over 45,000 dollars in the last few days – the coin fell below support and has been in decline since yesterday evening. BTC is currently trading at $ 44,290 – and if Bitcoin falls below support at 44,200, further losses are likely. Will it come to that? What do traders and analysts say about Bitcoin’s further development?
Top analyst Nicholas Merten describes the latest price action as “nothing more than a correction in the middle of the cycle”. In a new analysis he is optimistic that Bitcoin is still heading for new highs. Merten:
“This is the kind of healthy sign that we are seeing a full recovery back to all-time highs here. This is nothing more than a mid-cycle correction. “
The current price action is “exactly what we should expect”: a rebound that is just as fast as the downward move from May, where higher support areas and higher resistance areas are reached. Merten sees the price action as having the potential to move Bitcoin up and bring it to earlier all-time highs. You can check out his analysis, titled “Are Crypto Markets Going To Sell Out?” look here.
New all-time high expected in Q4
The popular chart guru Adrian K. Zduńczyk (better known to many as @crypto_birb) has been emphasizing for weeks: Bitcoin will rise enormously this year. He still holds on to this opinion. He writes to his more than 337,000 Twitter followers regardless of the daily price movements of Bitcoin:
“Bitcoin new all-time high comes in Q4”
$ BTC new ATH coming Q4 https://t.co/3c17ZUFfQ3
– Adrian K. Zduńczyk (@crypto_birb) August 19, 2021
Until then, and Bitcoin breaks out, the coin could still be stuck in the 42,000 to 45,000 range. The pseudonymous crypto margin trader Flood (@ThinkingUSD) shares this assessment. He writes: It makes sense to prepare for a decline in Bitcoin to $ 42,000. He also considers short-term price losses to be likely with Ethereum – here he sees a retreat to up to 2,700 dollars.
“Like it or not, a position to pull back to $ 42,000 at BTC and $ 2,700 at ETH makes sense.”
Whether I like it or not position for a retrace back to $ 42000 on BTC and $ 2700 on ETH makes sense. Will be banking any profits made into $ BTC as I believe market is a bit overweight ETH post EIP1559.
– Flood (@ThinkingUSD) August 19, 2021
It remains to be seen whether it is actually “just” a correction in the middle of the cycle. Also how deep this correction could possibly be.
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