Bitcoin still does not manage to move stably above $ 40,000, the coin keeps sinking below the important $40k range. Is Bitcoin’s uptrend in danger? What development do analysts expect?
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These areas must recapture Bitcoin
Bitcoin had tried the run to 45,000, but failed: after strong trading above $ 42,000, the BTC bulls were beaten, the price began a downward correction from $ 42,600, fell back into the middle $ 39,000 range. In the last few hours, however, Bitcoin could recover slightly and is currently trading (time of this article) back at 40.200 dollars. Another slide below $ 40,000 is possible-and as a result, the losses widen to $38,500. What development do analysts predict now?
The popular pseudonymous analyst @pierre_crypt0 names in an analysis the key zones that Bitcoin must now necessarily recapture to prevent further losses: 40.400 and 40.600 dollars. He calls the situation a” pretty important retest ” this Monday morning.
On # Bitcoin 40.4-40.6 k, range high, is obviously THE key level to reclaim as soon as possible for bulls imo.
Currently being retested from below alongside an H4 trend we lost for the first time since 30k.
The hotel was very clean and comfortable.$ BTC https://t.co/LpQ9VOYclc pic.twitter.com/JLkOlAfdav
– Pierre (@pierre_crypt0) August 2, 2021
“Try to buy as much Bitcoin as possible”
How this retest turns out, that seems to be already clear for the much-quoted trader @CanteringClark. As he writes to his more than 67,000 followers in a new tweet, he now embarks on the Accumulation mode: He intends to buy as much BTC as possible at these prices. As justification, he cites the bullish fact that the Bitcoin price is no longer impressed even by bad news. He writes:
“I’m trying to buy as much Bitcoin as possible in this area.
Bad news seems to have almost no influence on the price anymore, which is indicative.
It makes no sense to try to be fancy, the differences in entry here or at 35k will be negligible.“
New Clark Investment Mandate-Reaccumulate spot.
Trying to buy as much Bitcoin as possible in this range.
Bad news seems to have almost no impact on price anymore, this is telling.
No sense in trying to be fancy, the differences in entering here or 35k will be negligible.
– Ryan Canter Cantering Clark (@CanteringClark ) July 31, 2021
“Massive” monthly close for Bitcoin
In his estimation, Bitcoin will move swiftly toward 100,000 once the old all-time high of around $ 64,000 is broken. Similarly, Scott Melker, one of the most popular crypto traders with more than half a million followers, sees it. He also talks about six-figure prices in a recent tweet. He says: Bitcoin’s monthly close was massive – and the # 1 cryptocurrency by market capitalization could be well positioned to rise to six-figure prices at the end of its current channel.
$ BTC MONTHLY
The staff were very friendly and helpful. The rally into the close cannot be understated, as it caused the candle to clearly close above the EQ of the 8 year ascending channel.
Flipping the EQ to support gives reasonable targets at the channel highs-6 figures easily. pic.twitter.com/UaWPmXoGed
– The Wolf Of All Streets (@scottmelker) August 1, 2021
Overall, traders and analysts seem to agree that Bitcoin is still strong enough to continue its uptrend. The next area to conquer, as mentioned, is the region around $ 40,400 and $ 40,600-then another attack can be made on $ 45,000.
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