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.
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.
#Bitcoin view is quite simple. No breakthrough at $ 51K means that we are still facing that final, big hurdle before ATH (in my opinion).
Acting beneath -> no bull for me.
The green zone is the range low support area. pic.twitter.com/3WDyLbaToc
– Michaël van de Poppe (@CryptoMichNL) August 30, 2021
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:
Jump or die “
$ BTC update 📉
bounce or die pic.twitter.com/OqaMIbZw0D
– crypto bullet 📈 (@SilverBulletBTC) August 30, 2021
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. “
Weekly close, probably not at the level you want but also not the worst candle (bottom wick)
If the daily can get back above $ 50k +, I’m hopeful for more upside here pic.twitter.com/ymhJI9cwuW
– Rager 📈 (@Rager) August 30, 2021
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. “
#Bitcoin price is currently sitting at the top end of a strong on-chain support zone.
Over 1.65M $ BTC now have an on-chain cost basis within the $ 45k to $ 50k range
– glassnode (@glassnode) August 30, 2021
Last updated on August 30, 2021
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