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BTC Price Drops Below $ 46,000, But Analysts Bet On New Bitcoin All-Time Highs

Bitcoin (BTC) hit lows of less than $ 45,600 on August 15 when a second delivery of its rejection developed on resistance.

1-hour price chart of the BTC / USD pair (Bitstamp). Source: TradingView

Analysts predict a scramble for all-time highs

Data from Cointelegraph Markets Pro and TradingView showed that the BTC USD pair gave up the $ 46,000 level overnight on Saturday after a previous failed breakout.

As Cointelegraph reported, the bulls had run out of steam during an attack on a major selling wall holding Bitcoin back from $ 50,000.

The U-turn caused a more fragile mood for Sunday, with daily losses at 4% at the time of writing.

“This area is for me the main boss and obstacle to climb”, warned popular Twitter trader Pentoshi, taking a bullish view on higher time frames.

The BTC / USD pair, he added, had almost completed preparation for a rematch of its all-time highs in a zone above resistance at $ 50,000 and above.

“I still believe that for now it will be short-term LH at the micro level before we go through that upper range.”

Cointelegraph trader, analyst and contributor Michaƫl van de Poppe also hinted that a longer-term reckoning moment could appear soon.

“Bitcoin is within the highest temporary resistance”, tweeted Saturday.

“Next week will be the important week, I think.”

The buy and sell levels The major exchange Binance showed that sellers at $ 48,000 were still firmly in place, with support accumulated at $ 45,000 after the modest stretch down.

BTC / USD (Binance) buy and sell levels as of August 15. Source: Material Indicators / Twitter

Cardano cools the big rally

Bitcoin had a notable ripple effect among the major altcoins.

While many of the top fifty cryptocurrencies by market cap were canceled or saw weak 24-hour gains, the top five missed the mark with BTC.

Cardano’s ADA token, The most prominent along with XRP when the weekend started, broke out of multi-month highs to circle $ 2.10.

“Would I buy Cardano here? No”, warned Van de Poppe before the fall.

“Do I expect Cardano to be gaining value in the next few months / years? Yes.”

Market participants continue to expect altcoin opportunities to increase in the coming months, with a focus on DeFi tokens in particular.

Keep reading:

Tammy Sewell is our Writer and Social at OICanadian.com. Tammy loves sports, she writes our celebrities news. She spends time browsing through several celebs news sources as well the Instagram. Email: [email protected] Phone: +1 513-209-1700

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