This is what traders expect now when the Bitcoin price rises back to $ 50,000

August twenty third was celebrated throughout the crypto ecosystem after Bitcoin (BTC) surged back above $ 50,000, sparking a resurgence in crypto calls. Top gamers hit $ 100,000 earlier than the finish of 2021.

Data from Cointelegraph Markets Pro and TradingView present that early morning bullish momentum, which pushed BTC to its intraday excessive of $ 50,514, has subsided as the price is at the moment trading above $ 49.0 per day .

This is what analysts say might occur subsequent for the present Bitcoin price because it retreats close to the psychologically necessary $ 50,000 stage.

Low quantity signifies a short-term pullback

Bitcoin’s rally to $ 50,000 led many to consider that the price would solely rise from right here, however Decentrader analysts have issued a warning as the lackluster quantity of the current transfer may very well be a sign that the price was going up may have to regroup at a decrease assist.

As Note from Decentrader, there wasn’t sufficient quantity on this current transfer to push BTC price above $ 52,000 and now it seems to be like a drop to $ 48,000 or probably decrease may very well be in the playing cards as the bulls-bulls relaxation and regroup earlier than their subsequent climb.

Decentrader analysts have recognized $ 44,000 and $ 41,000 as assist ranges to watch if BTC price collapses.

Accumulation close to $ 49,200 is anticipated

The prospect of a near-term pullback is additionally highlighted by crypto analyst Crypto_ED_NL, who is at the moment looking for costs to see a big pullback under $ 50,000.

#BTC To replace
Waited for it to break earlier than it went lengthy….
Will look in the inexperienced demand space in the long run pic.twitter.com/4UjVXluYn2

– Crypto_Ed_NL (@Crypto_Ed_NL) 23 August 2021

Based on the chart supplied, Crypto Ed has recognized the $ 49,100 to $ 49,300 vary as a very good space for traders to search for lengthy positions.

Related: Bloomberg strategist explains why 30-year US Treasuries have a “positive meaning” for Bitcoin

$ 75,000 at the finish of the yr

A Twitter consumer nicknamed “RookieXBT” supplied a extra optimistic view of the present price motion, posting the following tweet calling for BTC price to hit $ 75,000 by the finish of the yr.

$ BTC

$ 75,000 USD from eoy

= inevitable pic.twitter.com/eSvxY7mZSZ

– RookieXBT (@RookieXBT) 23 August 2021

In a follow-up tweet, RookieXBT famous that whereas “events almost never go as planned,” the general thought is that BTC “will hit new all-time highs before the end of the year.”

RookieXBT stated:

“During the time Bitcoin is spending between $ 50,000 and $ 60,000, I think Ethereum will break its all-time high after falling behind on the first bull run.”

The whole crypto market cap is $ 2.142 trillion and the dominance of Bitcoin is 43.4%.