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Bitcoin at a crossroads – top analyst names the last hurdle before the bull run




Bitcoin’s price campaign on the weekend could not inspire investors. What has to happen for Bitcoin to switch to bull mode? A top analyst has now commented on this.

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BTC has to crack this area

This weekend, too, the number 1 cryptocurrency failed to move decisively beyond resistance: Although the BTC bulls tried another push on Saturday, they were able to push Bitcoin to more than $ 49,500. However, the reserve currency was severely rejected here: Within a few hours, BTC fell back to local lows at $ 48,200. Then the same game last night: Bitcoin rose to $ 49,200, but then dropped again promptly. This time even a bit lower – down to $ 47,900, where the coin is currently (time of writing).

What’s next for BTC from here? The popular crypto analyst Michaël van de Poppe (@CryptoMichNL on Twitter) commented on this. In his estimation, the picture for BTC is simple: Bitcoin, according to Poppe, would have to rise sustainably above $ 51,000 in order to switch to bull mode. Any price action including – “no bull for me”, says the Dutchman:

“Bitcoin appraisal is very easy. No breakthrough at $ 51K means we’re still ahead of the last big hurdle [dem Allzeithoch] stand (in my opinion).

Stay below -> no cop for me.

The green zone is the area under the support. “

According to Poppe’s chart, this is between a little over 42,500 and a little under 45,000 dollars.

The pseudonymous trader “SilverBulletBTC” keeps it short and sweet: Bitcoin has to ricochet (“bounce”) and rise again – otherwise there is a risk of massive losses. He writes:

“BTC Update”

Jump or die “

Glass node: strong evidence of accumulation

The much-quoted professional trader Josh Rager also comments in a new tweet that not all signs are currently set to green for Bitcoin. It could be worse, however, he suggests – and remains confident that BTC can continue to rise. Pre-condition: The daily rate manages to move back over $ 50,000. Rager:

“Weekly closing price, probably not at the desired level, but not the worst candle either […]

If the daily rate can rise above $ 50k + again, I am confident that things will continue to improve here. “

The blockchain data provider Glassnode is currently contributing a positive factor in a new tweet. According to the researchers, Bitcoin is currently sitting at the top of a strong support zone. In addition, the range between $ 31k and $ 40k is “home” of a total of 2.98 million BTC. According to Glassnode, this is an indication of strong accumulation demand.

“Bitcoin price is currently at the high end of a strong on-chain support zone.

Over 1.65M BTC now have an on-chain cost base ranging from $ 45k to $ 50k.

The green zone below, at $ 31k to $ 40k, hosts an additional $ 2.98M BTC, suggesting a large accumulation demand. “

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Last updated on August 30, 2021

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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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