The Bitcoin price is currently over $ 52,000, the mood in the markets is euphoric. Many expect an increase towards the all-time high – historically, however, a correction is more likely. And it could be tough.
Will the September curse strike again?
Bitcoin has been demonstrating tremendous strength for a few days: After weeks of sideways trading, the number 1 crypto currency has finally managed to move above $ 50,000, then over $ 51,000 and hold it there. Then yesterday evening the push over $ 52,000 took place: From $ 51,900, the BTC price broke the critical resistance at $ 52k and moved to $ 52,500 within about an hour. On top of that: The bulls even managed to climb to $ 52,700 overnight – a new local high.
– Rekt Capital (@rektcapital) September 7, 2021
And while many are now anticipating a break through to the all-time high of $ 64,863, Bitcoin could face a dramatic correction in the next few weeks. That is what data from the past suggests. Because: The month of September has always been fraught with heavy losses for Bitcoin.
For example, “CryptoDude”, a pseudonymous technical analyst, warns in a recent tweet of strong bearish divergences in Bitcoin’s recent upward trend. Bearish divergence background: The term divergence means that an oscillator or momentum indicator does not confirm the direction of the current price movement. Expressed in a simple way: The price is bullish, but there are indications of a trend reversal. The analyst therefore advises profit-taking, writes to his more than 45,000 Twitter followers:
“The BTC price has gone up a bit since yesterday’s post – there are some worrying signs here, however. […] strong signs of bearish divergence throughout this upward move. I think it makes sense to take at least some profits in this area. “
$ BTC Price is up a bit since yesterday’s post – however some worrying signs here. Inefficiency gap filled, strong bearish divergence signs on this entire move up. I think it makes sense to atleast take some profits at this area. pic.twitter.com/qwdZ6bgskc
– CryptoDude (@ cryptodude999) September 7, 2021
But if the rise to the all-time high does not take place – what happens next for BTC?
Bitcoin must conquer this area
Analysts have emphasized several times in the past: The region around 51,000 to 52,000 dollars is a critical area for Bitcoin. Bitcoin must continue to demonstrate strength here – otherwise there is a threat of a decline into the lower 40,000 dollar range. The popular trader “CredibleCrypto”, for example, shares this assessment. He writes to his more than 234,000 followers in a new tweet: After Bitcoin has reached $ 52,000, it is imperative to recapture the region by $ 59,000. If that succeeds, Bitcoin will finally rise to a new all-time high, according to CredibleCrypto:
“52k are reached. This is our “all or nothing” region. Let’s keep things simple. As long as we have not left this region, we risk a possible correction to 40k or lower. As soon as we have overcome it, new all-time high. “
52k has been met. This is our “make it or break it” region. Keep things simple. Until we clear this region we risk a potential correction down to 40k or lower. Once cleared, new ATH. Alts look great so if we DO correct I am simply buying more alts. $ BTC https://t.co/CKVZofJKbE pic.twitter.com/bdFGweGIjB
– CrediBULL Crypto (@CredibleCrypto) September 7, 2021
His worst-case strategy is therefore: Should Bitcoin actually correct hard, he just wants to buy more altcoins.
Bitcoin is currently trading at $ 51,445 after a setback. Will September be as bearish as it has been in the past – or is BTC already rising to a new all-time high this month?
Last updated on September 7, 2021
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