The Bitcoin bulls were able to drive the price back above $ 50,000. Numerous analysts now expect further jumps upwards.

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Bitcoin seems to want to break out

Bitcoin demonstrated strength again tonight: shortly after midnight, cryptocurrency number 1 moved from $ 48,750 in a near-vertical $ 1,000 candle to $ 49,800. Then, in the early hours of the morning, the bulls managed to push the lead currency to over $ 50,000.

BTC is finally trading above $ 50,000 again. How long – and where does the journey go afterwards? Source: Tradingview.com

As a result, BTC rose up to $ 50,300, but has since faced slight declines. Bitcoin is currently trading for a correction at $ 50,136-but hopes are high that resistance at $51k will be tackled next. How likely is it to happen? View spoiler: If it goes according to popular analysts, Bitcoin now expects fireworks.

Popular crypto analyst @Crypto_birb already sees Bitcoin’s recent price action as confirmation of the coming surge to $ 53,000 – $ 58,000, as he tells his more than 350,000 Twitter followers notify. Industry observer TeddyCleps comments euphorically:

“Waking up with Bitcoin above $ 50,000 is definitely better than Christmas.“

Bitcoin before the price explosion like Ethereum?

The highly regarded trader RookieXBT, on the other hand, sees similarities with Bitcoin to Ethereum two days ago – before the rally that brought Ethereum from $ 3,300 to $ 3,700. Is BTC experiencing a similar price explosion?

For example, the technical chartist @CryptoHornHairs expects this. He shares with his nearly 60,000 followers a graph that shows Bitcoin rising directly to $ 56,000 when it breaks above $ 50,000. For this he writes:

“BTC above $50k leads to rapid movement to $ 56k imo”

Professional trader Michaël van de Poppe (@CryptoMichNL on Twitter) expect even with an increase to $ 57,000 – before that, however, Bitcoin must” take the last hurdle ” and exceed $50k.

“The Crypto Dog,” one of the industry’s Top 10 Analysts with Nearly 600,000 Followers, comments Bullish:

“You know this confirms new all-time highs for BTC in 2021, right?“

If Bitcoin’s move above $ 50,000 does not prove to be a temporary slip and the lead currency does indeed succeed in establishing itself here, a teleport-like rise into the mid – $50k range awaits us shortly.

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Last updated on September 2, 2021

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