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Here’s what traders expect now that Bitcoin price rallied back to $50K


There was widespread celebration throughout the crypto ecosystem on Aug. 23 after the sight of Bitcoin (BTC) again above $50,000 triggered a resurgence of requires the highest cryptocurrency to achieve $100,000 earlier than the tip of 2021. 

Information from Cointelegraph Markets Pro and TradingView reveals that the early morning bullish momentum that lifted the value of BTC to an intraday excessive at $50,514 started to wane because the day progressed at at present the value trades barely above $49,0.

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BTC/USDT 1-day chart. Supply: TradingView

Right here’s what analysts are saying may probably come subsequent for the value of Bitcoin now that it’s again close to the psychologically vital $50,000 degree.

Low quantity hints at a short-term pullback

Bitcoin’s rally to $50,000 led many to imagine that the value is just going to go up from right here, however analysts from Decentrader provided a phrase of warning as a result of the lackluster quantity seen through the latest transfer might be a sign that the value could must regroup at decrease assist ranges.

BTC/USD 1-day chart. Supply: Twitter

As noted by Decentrader, there was inadequate quantity throughout this latest transfer to push BTC value above $52,000, and now it’s trying like a pullback to $48,000 or probably decrease might be within the playing cards as bulls take a break and regroup forward of their subsequent push greater.

The analysts at Decentrader recognized $44,000 and $41,000 as assist ranges to keep watch over ought to the value of BTC undergo a bearish breakdown.

Accumulation close to $49,200 is anticipated

The prospect of a short-term pullback was additionally highlighted by pseudonymous cryptocurrency analyst Crypto_ED_NL, who’s now on the lookout for the value to see a significant pullback under $50,000.

Based mostly on the chart supplied, Crypto Ed recognized the world between $49,100 and $49,300 as a superb zone the place merchants would possibly look to open lengthy positions.

Associated: Bloomberg strategist explains why 30-year US bonds have ‘bullish implications’ for Bitcoin

$75,000 by the tip of the 12 months

A extra bullish tackle the present value motion was provided by pseudonymous Twitter person ‘RookieXBT’, who posted the next tweet calling for the value of BTC to achieve $75,000 by the tip of the 12 months.

In a follow-up tweet, RookieXBT famous that whereas “squiggles virtually by no means work out as drawn,” the general thought is that BTC will “make a brand new all-time excessive earlier than the tip of the 12 months.”

RookieXBT stated:

“Within the time Bitcoin spends between $50,000 and $60,000, I feel Ethereum breaks its all-time excessive after lagging through the preliminary up transfer.”

The general cryptocurrency market cap now stands at $2.142 trillion and Bitcoin’s dominance charge is 43.4%.

The views and opinions expressed listed below are solely these of the writer and don’t essentially replicate the views of Cointelegraph.com. Each funding and buying and selling transfer entails threat, you must conduct your individual analysis when making a call.