Bitcoin has managed to rise well above the critical $ 51,000 mark. Is the epic bull run starting now that brings BTC to six-figure prices?
Bitcoin price as high as last in May
Finally trampling the Bitcoin bulls again clearly audible: Right in the early hours of yesterday Sunday, BTC pumped from under $ 50,000 to $ 50,130, already setting the trend for the rest of the day. Then in the early evening the final push: Bitcoin rose from $ 50,300 to $ 51,911 in just under two hours. A new local high-the highest price since May 12, how blockchain data provider Santiment comments:
“Bitcoin ended the weekend with a jump to $51,911, the highest price since May 12. Rising interest in the more volatile and (mostly) higher – winning #altcoins has allowed BTC to grow slowly & steadily as short-term traders live out their FOMO (Fear Of Missing Out) elsewhere.“
📈 # Bitcoin closed out the weekend with a jump to $51,911, its highest price since May 12th. The rising interest on the more volatile and (mostly) higher gaining # altcoins has allowed $ BTC to slowly & amp; steadily grow as short-term traders # FOMO elsewhere. https://t.co/mnyKU7gjj8 pic.twitter.com/l3yR0Rq9f8
– Santiment (@santimentfeed) September 6, 2021
Currently, BTC is trading at $ 51,800-an increase of more than 3% over the past 24 hours, compared to 7.5% for the week. What’s next for Bitcoin from here?
So far, resistance at $ 51,000 has been considered a critical limit that Bitcoin has to overcome. With the recent push of the # 1 cryptocurrency into the upper $51k range, numerous analysts believe the coin is well positioned to make further gains within the next few days. The previous all – time high of April 14, 2021 is 64.863 dollars-so currently the lead currency is only 20% below. How likely is a move towards the all-time high?
Bitcoin records a “fantastic daily close”
Trader RektCapital thinks Bitcoin’s recent daily close is fantastic. He shares a chart and writes to his more than 194,000 followers: If Bitcoin has managed to close above $ 51,785 in the past, this was followed by a rally to $ 57,500.
“By the standards of BTC history, this is a fantastic daily close […]
Daily closing [51.785 Dollar] has preceded past recoveries to ~ $ 57,500.“
By standards of # BTC history-this is a fantastic Daily Close
Any dips into ~$50400 or ~$51000 will likely figure as a retest attempt to confirm the breakout beyond the key blue level
— Rekt Capital (@rektcapital) September 6, 2021
A similar assessment share the popular analyst @crypto_birb in a recent tweet. He sees Bitcoin’s short-term rise to $ 53,000 to $ 58,000 confirmed by the recent price action, as he writes to his more than 354,000 followers.
So the day remains exciting: If BTC manages to hold above $ 51,000, experts expect a further rise to $ 53k to $ 58k. In that case, BTC could even develop enough momentum to dare another push towards the previous all-time high.
Last updated on September 6, 2021
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