And the upward trend continues and drags it and the rest of the cryptocurrencies.
By Charles Bovaird.
The price of bitcoin exceeded the limit of 50,000 dollars late Sunday night, climbing to the highest level since mid-May, as the most popular cryptocurrency on the planet continues to rise.
On Monday, August 23, 2021, it expanded its earnings, reaching $ 50,495.95, around 13:00, according to data from CoinDesk, recording its best performance since May 15, 2021.
But then the bitcoin price, amid mild volatility, fell slightly and has since traded around $ 49,500.
Market analysts are closely monitoring the price movements of the most valuable cryptocurrency in the world, throughout its range between $ 40,000 and $ 50,000 this month.
Having now, albeit temporarily, broken the psychological level of $ 50,000, several market analysts reveal their predictions for what will be born next.
"Breaking the psychological $ 50,000 threshold on Sunday makes that the main focus, as the bitcoin price continues to fluctuate around this threshold," said Jake Wujastyk, chief market analyst at TrendSpider.
He went on to make a somewhat optimistic assessment, noting that "if bitcoin can be maintained above $ 50,000, it is expected to rush, due to the 'empty volume,' to the level of $ 54,000, which is the next selling zone. , according to the volume profile index".
"There is a low supply pocket above this level called the 'volume gap' and where prices can move up (or down) very quickly to the next level of sales," he said.
However, Wujastyk also points to the possibility of a downward movement, noting that "if bitcoin can not hold the level of $ 50,000, it is expected to fall to the previous level of resistance, which is around $ 47,000."
Katie Stockton, co-founder, and partner at Fairlead Strategies, LLC, also makes her predictions, providing some technical analysis data.
"Bitcoin is approaching the resistance, which is just above $ 51,000, which is defined by the Fibonacci return level," she said in an e-mail comment.
"It is overpriced approaching this level, so it would be natural for bitcoin to stop, even though there are no signs of 'selling.' But, unfortunately, ether is moving accordingly," Stockton added.
"If both cryptocurrencies make two decisive closures above the resistance level, the move will lead to their highs," he concludes.
Sean Rooney, head of research at Valkyrie Investments, also talks about a possible break in the upward movement of bitcoin, as it is moving around $ 50,000.
"Five weeks of continuous bitcoin price recovery have probably put an early end to the euphoria for many traders and institutions," he notes.
"The rapid rise could push the price of bitcoin to a halt as it tries to close above $ 50,000," he said.
But William Noble, chief technical analyst at the Token Metrics research platform, makes a different assessment.
"$ 50,000 is not resistance. It is an interesting level," he said. "The next real resistance zone for bitcoin is close to $ 56,000. I think bitcoin could reach $ 56,000 in two or three days." maybe less.
"The fact that BTC is not diving after the rally shows a significant uptrend.
A speculative wave will sweep the entire cryptocurrency market, meme stocks, and alternative cryptocurrencies," Noble said.
s.s .: Investing in cryptocurrencies or digital currencies is lucrative, and the market is mainly uncontrollable.
Anyone who thinks about it should be prepared to lose their entire investment. I own bitcoin, bitcoin cash, litecoin, ether, and EOS.
We first read it here: Forbes.
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