Bitcoin needs to hold $50,000 to avoid a bearish Bitcoin price target of $44,000

Bitcoin (Bitcoin) May jump from current levels to US$58,000 or fall to US$44,000. An analyst warned that US$50,000 is a “very healthy retest”.

BTC/USD 1-hour candlestick chart (Bitstamp). Source: TradingView

Hedging bets “fast down”

Data from Cointelegraph Markets Pro with Transaction view Shows that BTC/USD fluctuated around 51,000 USD on Tuesday Lost $2,000 in two hours Earlier in the day.

Overnight, the currency pair hit a new high Nearly 53,000 USD, Coincides with the bullish momentum of El Salvador becoming the first sovereign country to officially adopt Bitcoin as its currency.

Cointelegraph writer Michaël van de Poppe said that now, $50,000 is once again a deal breaker for longs and shorts.

Specifically, Bitcoin needs to stay in the area between $49,500 and $50,000 to maintain its trajectory.

“If this situation continues, we will consider $58,000 next,” he said in a recent statement. YouTube updates.

“If it doesn’t hold, I will focus on $44,000 next, because it may fall rapidly.”

Van de Poppe added that regardless of Tuesday’s volatility, there is no reason to worry about levels above $50,000, which he believes constitutes a “very healthy” move after the breakthrough.

“Retesting is in progress,” trader and analyst Rekt Captial echo, Highlight a “critical” area, which can be kept at around $50,300. Pentoshi also called for the retention of $50,000.

Ether queued BTC support test

At the same time, altcoins continue to lick their wounds after losing their most recent gains and surpassing Bitcoin.

related: 9/6 Price analysis: BTC, ETH, ADA, BNB, XRP, SOL, DOGE, DOT, UNI, LINK

Among the top 10 cryptocurrencies by market capitalization, Solana (SOL) is still The only green performer On that day, it was in sharp contrast with other tokens.

Ether (Ethereum) If you lose $3,700, you may retest $3,400, van de Poppe said of the largest altcoin. For BTC, it can also retest the recently recovered 0.071 level.

ETH/BTC 1-day candlestick chart (Bitstamp). Source: TradingView

Cardano (Have) Rebounded slightly after falling to $2.58, and still fell 6.7% at the time of writing, compared to a 15% drop Recent record high.