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Last major hurdle – Bitcoin is looking at $ 50,000

Bitcoin (BTC) slowly moved closer to the psychologically important US $ 50,000 mark on August 22nd, which is why fears of a new downturn are increasing.

Bitcoin price chart (Bitstamp). Source: TradingView

Signs are “slightly negative”

As the data from Cointelegraph Markets Pro and TradingView show, BTC / USD hit an intermittent high of $ 49,830 this Sunday, which in turn represents a three-month high.

Over the weekend, the market-leading crypto currency was able to consolidate itself accordingly in the higher spheres, whereby even decreasing trading volumes brought no losses.

“So far, so good for BTC”, as the analyst Rekt Capital therefore said summarizes.

Nonetheless, there are initial doubts as to whether the market is already strong enough to break the all-important US $ 50,000 mark.

At the very least, the crypto market researchers at Material Indicators believe that investors are expecting a downturn soon. They conclude that for the end of August and September the futures are particularly high at $ 32,000 and $ 34,000.

These would be “slightly negative” prospects, as they are say.

In addition, there would still be a lot of puts at $ 50,000, which is why a return from this hurdle is all the more likely.

Bitcoin Funding Rates. Source: Bybt

This negative reading contrasts with other, far more optimistic forecasts. Above all, the much-cited Stock-To-Flow (S2F) calculation model gives hope that Bitcoin will continue to soar.

For example, the model has a minimum value of $ 47,000 for August, while at least $ 43,000 should be posted for September. The smaller downturn does not matter, as inventor PlanB explains, because Bitcoin should go up significantly again in the following months.

Last big hurdle before new records?

The crypto trader under the pseudonym John Wick is similarly confident on Twitter.

“There is currently a little fear of a downturn at 50,000 US dollars,” he initially said noticesto add:

“If we can get over this hurdle, I am confident that we can reach new record highs this year.”

Bitcoin price chart. Source: John Wick / Twitter

At the time of going to press, BTC / USD is still just above $ 49,000 and is thus at the crossroads for further price development before the start of the week.

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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