Bitcoin faced losses again overnight. How endangered is the bull run?
“Only one correction”
Coins such as Cardano and Solana pump, but the most important cryptocurrency continues to mine: It was with difficulty that Bitcoin was able to hold over $ 45,000 in recent days – the coin fell below support, has been in decline since last night. Currently, BTC is trading at $ 44,290 – and should Bitcoin fall below support at $ 44,200, further losses are likely. Will it happen? What do traders and analysts say about Bitcoin’s further development?
Top analyst Nicholas Merten describes the latest price action as”nothing more than a mid-cycle correction.” In a new analysis, he is optimistic that Bitcoin is still heading for new highs. Merten:
“This is the kind of healthy sign that shows we are experiencing a full recovery back to the all-time highs here. This is nothing more than a correction in the middle of the cycle.“
The current price trend is “exactly what we should expect”: a recovery that occurs just as quickly as the downward movement from May, where higher support areas and higher resistance areas are reached. Merten sees the price action as having the potential to move Bitcoin up and bring it to previous all-time highs. You can check out his analysis titled ” Are the Crypto Markets on the verge of a sell-off?”look here.
New all-time high expected in Q4
The popular chart guru Adrian K. Zduńczyk (better known to many as @crypto_birb) has been stressing for weeks: Bitcoin will rise enormously this year. He still adheres to this opinion. He writes to his more than 337,000 Twitter followers regardless of Bitcoin’s daily price movements:
“Bitcoin new all-time high coming in Q4”
$ BTC new ATH coming Q4 https://t.co/3c17ZUFfQ3
– Adrian K. Zduńczyk (@crypto_birb) August 19, 2021
However, until the time comes and Bitcoin breaks out, the coin could still be stuck in the range between 42,000 and 45,000. This assessment is shared, for example, by the pseudonymous crypto margin trader Flood (@ThinkingUSD). He writes: It makes sense to prepare for a drop to $ 42,000 in Bitcoin. On Ethereum, too, he thinks short-term price losses are likely – here he sees a retreat to as much as $ 2,700.
“Like it or not, a position for a retreat back to $42000 at BTC and $2700 at ETH makes sense.“
Whether I like it or not position for a retrace back to $42000 on BTC and $2700 on ETH makes sense. Will be banking any profits made into $ BTC as I believe market is a bit overweight ETH post EIP1559.
– Flood (@ThinkingUSD) August 19, 2021
Whether it is actually “only” a correction in the middle of the cycle remains to be seen. Also, how deep this correction could possibly turn out.
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