As BTC fell below US$43,000, the high optimism that occurred when the prices of Bitcoin and altcoins rose earlier this week eased on August 12.This has led some analysts to warn that the price movement in the past week is nothing more than Dead cat bouncing.
Data from Cointelegraph Markets Pro and Transaction view Shows that the early morning wave of selling pushed up the price of Bitcoin (Bitcoin) To a low of $43,752. At the time of writing, the bulls are trying to bring the price back to $45,000.
The following are analysts’ views on the current price trend of Bitcoin and their short-term expectations.
US$43,600 and US$43,000 are key support levels
according to For market analyst and Cointelegraph contributor Michaël van de Poppe, Bitcoin’s fall from $45,000 to $43,500 is “very normal”, and the higher time frame chart shows a bearish divergence, which means “we can take further corrections measure”.
Poppe identified US$43,600 as “Support Level 1” and US$43,000 as “Support Level 2,” and pointed out that these are key areas that need attention at the moment.
In the short term, Poppe stated that the Bitcoin price may rebound to $45,000 and then fall back to test the support level again. If the support level is regained, it is possible to “conclude that buyers are re-entering the market.”
“If these two support levels are lost, then we might see $42,000 next. If this doesn’t hold, then the price will be $41,000 afterwards. For me, this is the rest time I want to start a strong desire. Because I don’t want to see it fall further because the only level we have left after that is $38,000.”
The bulls just take a breath before pushing up
David Lifchitz, ExoAlpha’s managing partner and chief investment officer, also regarded Thursday’s Bitcoin price drop as a normal move. Lifchitz pointed out that the “almost uninterrupted rise in the past two weeks or more” shows that “the bulls need a breather before they continue to push higher.”
According to him, “BTC’s $36,000 and Ether’s $2,300 are obvious targets,” but he further stated, “No one knows how much we are in a correction.”
“But it may be possible to buy on dips before reaching these levels. Of course, this is in the absence of other regulatory drama, otherwise it is not ruled out to re-examine BTC’s $30,000 and $1,800 ether levels.”
$45,200 has been a solid support level for Bitcoin in the past
According to the pseudonym Twitter analyst Rekt Capital, the price level of $45,200 has been a difficult resistance level in the past.
Unfortunately, #BTC Failed to hold ~$45200
That said, Bitcoin Failed to perform a clean retest of ~$45200 before (red circle)
Earlier this year, BTC had to move down into the orange zone before going higher
— Rekt Capital (@rektcapital) August 12, 2021
With the previous BTC trading near these levels, the price retested and remained at the support level near $44,200 before rebounding again.
Based on this analysis, if BTC can stay near this level, the price will reverse and go higher.
The views and opinions expressed here only represent the views of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading action involves risk, and you should conduct your own research when making a decision.