The Bitcoin price is currently above $ 52,000, the mood in the markets is euphoric. Many expect an increase to the all – time high-but historically, a correction is more likely. And that could have it all.
Does the September curse strike again?
Bitcoin has been demonstrating tremendous strength for several days: after weeks of sideways trading, the number 1 cryptocurrency has finally managed to move and hold above $ 50,000, then above $ 51,000. Then, last night, the $52,000 push took place: from $ 51,900, BTC price broke through critical resistance at $ 52k and moved to $ 52,500 within about an hour. That’s not all: Overnight, the bulls finally managed to climb to as high as $ 52,700 – a new local high.
— Rekt Capital (@rektcapital) September 7, 2021
And while many are now already anticipating a breakthrough to the all-time high at $ 64,863, Bitcoin could face a dramatic correction in the coming weeks. This is suggested by data of the past. Because: The month of September has always been fraught with heavy losses for Bitcoin so far.
For example,” CryptoDude, ” a pseudonymous technical analyst, warns in a recent tweet of strong bearish divergences in Bitcoin’s recent upward movement. Background bearish divergence: The term divergence means that an oscillator or momentum indicator does not confirm the direction of the current price movement. Simply put: Price is bullish, but there are indications of a trend reversal. The analyst therefore advises to take profits, writes to his more than 45,000 Twitter followers:
“BTC price has gone up a bit since yesterday’s post-however, there are some worrying signs here. […] strong signs of bearish divergence on this entire move up. 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 not the rise to the all – time high-what’s next for BTC?
This area must conquer Bitcoin
Analysts have repeatedly emphasized in the past: the region around $ 51,000 to $ 52,000 represents a critical area for Bitcoin. Here, Bitcoin must continue to demonstrate strength-otherwise there is a threat of a decline in the lower $ 40,000 range. This assessment is shared, for example, by the popular trader “CredibleCrypto”. He writes to his more than 234,000 followers in a new tweet: After Bitcoin reaches $ 52,000, it is imperative to reclaim the region to $ 59,000. If this succeeds, Bitcoin finally rises 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. Once we overcome them, 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. The staff were very friendly and helpful. $ BTC https://t.co/CKVZofJKbE pic.twitter.com/bdFGweGIjB
– Crediblecrypto (@CredibleCrypto) September 7, 2021
His worst-case strategy is therefore: Should Bitcoin actually correct hard, he simply wants to buy more altcoins.
Bitcoin is currently trading at $ 51,445 after a reset. Will September be as bearish as it has been in the past-or will BTC rise to a new all-time high as early as this month?
Last updated on September 7, 2021
Top Brokers for buying and trading cryptocurrencies
- Buy Real Bitcoin or Bitcoin CFDs
- Wallet and Exchange in one
- 14 + Cryptos
- Excellent Trading Tools
- Large knowledge and training database
- Very good spreads
Cryptocurrencies are a highly volatile, unregulated investment product. Your capital is at risk.