The Bitcoin bulls are still pushing the cryptocurrency number 1 up bit by bit. What does BTC expect now in the short and medium term?

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No doubts about the upward trend

With each day Bitcoin holds above $ 40,000, confidence in the sustainability of the recent crypto rally is growing. Pain seems to favor Bitcoin at most in the short term. In the long term, the alignment points upwards. On-chain analysts and chart experts largely agree: there is currently no reason to doubt Bitcoin’s uptrend. PlanB, the popular inventor of Bitcoin’s stock-to-flow model, is also currently saying: Bitcoin is on its way to six-digit prices – as precisely “as clockwork” BTC ticks block by block to new highs.

But what route does Bitcoin take on its way there? The popular pseudonymous crypto analyst “TheCryptoDog” expects an early increase to $ 50,000. He writes to his more than 563,000 Twitter followers:

“Not much between us and really around $ 50,000 BTC.“

Other industry observers express similar expectations. For example, the much-quoted chart guru Adrian Zduńczyk (better known to many as @crypto_birb) is currently seeing a buy signal flash again (the so-called long-term hash ribbons)-in his estimation, another reason to expect a price of $ 100,000 for Bitcoin by the end of the year. He writes:

“Long-term hash Ribbons buy signal is another reason for BTC $ 100k EOY”

Golden Cross expected in mid-August

Rektcapital, a crypto analyst and trader with more than 179,000 followers, even expects a so – called golden Cross for Bitcoin-in exactly five days! This is bullish, because: Most often, a Golden Cross is accompanied by a sharp rise in prices. Explanation Golden Cross: The Golden Cross is a chart pattern where a short-term moving average exceeds a long-term moving average. As a rule, the 50-day MA is used as a short-term average and the 200-day MA as a long-term average. However, it can occur in any time frame. Rektcapital comments:

“The new BTC Golden Cross is still on schedule

It’s only 5 days away“

Santiment: whales no longer sell

A new analysis by Santiment’s blockchain researchers fits the optimistic theses of traders. According to this, Bitcoin whales no longer show interest in profit taking, while the Bitcoin bulls drive the coin higher and higher. Home:

“Bitcoin millionaire addresses holding between 100 and 10,000 BTC show no signs of profit taking with the increase we’ve seen in recent weeks. These holders now hold a combined 9.23 million BTC, which is their all-time high of July 28. “

In addition, there is another crucial indicator that signals a bullish resumption of the trend: the number of daily active addresses in the Bitcoin network.

“The fact that Bitcoin has hit the $ 45,000 mark for the first time since mid-May is certainly a cause for celebration. However, one should now closely monitor the daily address activity, since a subsequent increase to the mark of 1 million and more per day will be a decisive signal for a bullish resumption.“

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Last updated on August 9, 2021

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