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Bitcoin drops nearly $ 2,000 – was that the last crash before the rally?

Bitcoin was exposed to heavy losses tonight, but the bulls are currently fighting for the price. What’s next for BTC now?

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$ 51,000 – the final hurdle

Bitcoin has been facing sharp overnight falls lately. Last night, too, BTC moved to just $ 48,700, but met fierce resistance there and was rejected as a result. This was followed by an almost vertical downward movement: Bitcoin fell from $ 48,700 to $ 46,770 within around three hours. A heavy loss – However, the bulls immediately stepped on the scene and have since struggled to push the reserve currency back up. BTC is currently trading at $ 47,770 and is consolidating its losses there. What’s next for the number 1 cryptocurrency by market capitalization from here?

Bitcoin’s 5-day chart illustrates the sharp decline from last night. Source:

The popular trader CryptoTony_ outlines two possible courses for Bitcoin in a short time frame. Bitcoin could either see a corrective retreat in September to make a higher low. Or BTC succeeds in moving beyond $ 51,000 – and thus triggering a new bull run. In the event of a correction, however, Bitcoin could fall as low as $ 39,000. This is suggested by a chart that CryptoTony_ shares in its assessment. He writes:

“I expect a pullback in September for the higher low and will buy this dip if we correctively fall … If we fall hard then I will just wait to get in.”

Or break the offer at 51,000 and the cops are back. “

Will Bitcoin still trade sideways for weeks?

Professional trader Michaël van de Poppe (@CryptoMichNL on Twitter) shows a chart in a recent tweet that suggests something similar. Poppe has been emphasizing for a long time: Bitcoin has to crack $ 51k and establish itself permanently above it in order to trigger the next phase of the bull run. Then in turn, BTC could jump straight to more than $ 57,700.

However, there is also the possibility that Bitcoin will still trade sideways for weeks and not dare to make big leaps. Neither up nor down. Technical analyst Joe Mitoshi (@CryptoSays on Twitter) shares this assessment. But he admits: October may turn into bullish Bitcoin month. Prerequisite: the price manages to stay above $ 40,800. Investors should 9/13 and the 11.10. according to the chart expert:

“We could be bored with BTC for a few more weeks (supports how bullish the altcoins are). $ 52K is a major one […] Area and I am sure it is not easy to break. If price is able to stay above the defined range below, October should be good. Dates to be observed (1W) 13.9. and 11.10. “

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Last updated on August 31, 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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