Bitcoin faced heavy losses tonight, but the bulls are currently fighting for price. What’s next for BTC now?

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$ 51,000 – The Final Hurdle

Bitcoin has been facing sharp declines overnight. Also last night, BTC moved to just $ 48,700, but met with fierce resistance there and was rejected as a result. This was followed by an almost vertical movement down: Bitcoin fell from $ 48,700 to $ 46,770 in about three hours. A heavy loss – however, the bulls immediately appeared on the scene and since then have been struggling to push the leading currency back up. BTC is currently trading at $ 47,770, consolidating its losses there. How does the # 1 cryptocurrency by market capitalization go from here?

Bitcoin’s 5-day chart illustrates last night’s sharp decline. Source:

The popular trader CryptoTony_ outlines two possible courses for Bitcoin in the short time frame. Thus, in September, Bitcoin could either experience a corrective retreat to form a higher low. Or BTC manages to move beyond $ 51,000 – triggering a new bull run. However, in the event of a correction, Bitcoin could fall to as much as $ 39,000. This suggests a chart that CryptoTony_ shares in his assessment. He writes:

“I’m expecting a pullback in September for the higher low and will buy this dip if we fall corrective… If we fall hard then I’ll just wait to get in.

Or break through the offer at 51,000 and the bulls are back.“

Is Bitcoin still trading 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 would have to crack $51k and establish itself permanently above it to trigger the next phase of the bull run. Then again, BTC could rise directly to more than $ 57,700.

However, there is also the possibility that Bitcoin will trade sideways for weeks and not dare to make big jumps. Neither up nor down. This assessment is shared, for example, by technical analyst Joe Mitoshi (@CryptoSays on Twitter). But he admits: October may become a bullish Bitcoin month. Prerequisite: the price manages to keep above $ 40,800. Investors should watch the 13.9. and the 11.10., according to the chart expert:

“We could be bored with BTC for a few more weeks (supporting how bullish the altcoins are). $52K is an important […] Area, and I’m sure he is not easy to break. If the price is able to stay above the defined range below, October should be good. Dates to be observed (1W) 13.9. and 11.10.“

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Last updated on August 31, 2021

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