The value of the largest cryptocurrency, Bitcoin (BTC) eventually surpassed $ 48,000. He witnessed a rise of almost 9% in one day and saw the price hit this level for the first time, after its massive drop on May 19.
Bitcoin’s staggering price puzzled many people, especially Chartists who were unsure of the currency’s movement. However, as the market gained traction and miners came back online, there was a new momentum in the market.
This rise also confirmed the prominent chartist, Plan B’s prediction for Bitcoin for August. Plan B had indicated a “worst-case scenario” for the asset in 2021, which could cause its price to reach $ 47,000.
Bitcoin is below $ 34K, sparked by Elon Musk’s energy FUD and China’s mining crackdown.
There is also a more fundamental reason why we see weakness in June and possibly July. My worst case scenario for 2021 (price / chain based): August> 47K, September> 43K, October> 63K, November> 98K, December> 135K pic.twitter.com/hDONOVgxH1
– PlanB (@ $ 100 trillion) June 20, 2021
Given the way the market has performed in recent months, this price level was a mark of recovery for the king coin. As BTC broke through crucial resistance, a bullish reign cannot be confirmed yet. The attitude of the operators in the market is very important in the future, since the asset is close to 50,000 dollars.
If traders and investors remained bullish, the price could fall within the range of $ 48,000 to $ 52,000, as highlighted in the chart above. However, if the market could not support the current price, BTC may fall to the $ 42,000 price level. Another Bitcoin enthusiast came to a similar conclusion for the next Bitcoin move.
$ BTC fighting a great resistance now. It needs to break above $ 46.8k and build support at $ 47k to push even higher. If that doesn’t work right you will see #Bitcoin going back to $ 41 / 42k. pic.twitter.com/CsS0wbYUDe
– Kev (@utdkev_) August 13, 2021
As market sentiment held “Extreme Greed” according to Alternative.me, Bitcoin’s realized market capitalization hit a new all-time high. Based on data provided by Glassnode,
See metric: https: //t.co/C8JhD26mC1 pic.twitter.com/ohXnmFDkNk
– glassnode alerts (@glassnodealerts) August 14, 2021
This was a high value even though the price of Bitcoin remained almost 17k below its ATH. At press time, BTC was trailing from the $ 48k mark and trading at $ 46,963 while its market cap was $ 895 billion.
This is a machine translation of our English version.
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