Bitcoin was exposed to heavy losses tonight, but the bulls are currently fighting for the price. What’s next for BTC now?
$ 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?
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. “
Now i am sitting waiting for the next trade. I do expect a pullback in September for the higher low and will be buying this dip if we drop correctively .. If we drop hard then i will simply wait to enter
Or flip the supply at 51,000 and the bulls are back pic.twitter.com/85BR0XIxbG
– Crypto Tony (@CryptoTony__) August 31, 2021
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.
– Michaël van de Poppe (@CryptoMichNL) August 31, 2021
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. “
We might get bored for a few more weeks on $ BTC (Supports how bullish alts are). $ 52K is a Major WP Level, and I’m sure it won’t break easily. If the price is able to stay above the defined range below, Oct should be good. Dates to watch (1W) 9 / 13th & 10 / 11th.#CryptoIkagi https://t.co/AvtK3V1zyV pic.twitter.com/MVaOWJOzYs
– Joe • Mitoshi 🧑🚀 (@CryptoSays) August 31, 2021
Last updated on August 31, 2021
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