Bitcoin “waits for the second stop of the bull market” as the BTC price reaches a 3-month high of $46,000


Bitcoin (Bitcoin) Reached US$46,000 on August 9th, because macro factors failed to weaken enthusiasm after a weekly rise of 18%.

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

Data from Cointelegraph Markets Pro and Transaction view At the time of writing this article on Monday, the BTC/USD trading price was higher than $45,500.

After reaching a local high overnight, Bitcoin fell back at the beginning of the new week, but this quickly reached a three-month high of $46,090.

As the correction has not yet begun, analysts are firmly optimistic about the future trend of BTC/USD. Among them is PlanB, which is the creator of the stock-to-flow BTC price model.

“Bitcoin is worth $46,000,” he Summarize After each block subsidy halving event, show the price performance chart to Twitter followers.

“We have passed 16 months from the halving (red line), and we are waiting for the second phase of the bull market.”

BTC/USD halving price comparison chart.Source: PlanB/Twitter

Dan Held, head of Kraken’s growth, believes that this move is reminiscent of Bitcoin in 2013, when Bitcoin fell sharply from a historical high and then reached a second, larger peak in the same year.

“There is no correction for Bitcoin so far,” Cointelegraph writer Michael van de Poppe Add to.

As Cointelegraph Report, Concerns about a bill that might change the tax requirements for U.S. cryptocurrency businesses failed to curb sentiment, and instead appeared to be a catalyst for price increases.

On Monday, the cryptocurrency market also avoided the sudden sharp drop in gold, which briefly fell to its lowest point in four months.

“Bitcoin’s journey to become Gold 2.0 has been great,” Held Say.

“It was planted during the 2008 crisis and matured during the Covid crisis. The crazy thing is that Bitcoin has just begun.”

Analyst: Bitcoin is repairing the “biggest divergence” of fundamentals

Transitioning to on-chain fundamentals is a game of catching up with prices, but there is still a lot of work to be done to match the implicit sentiment.

related: No, new data shows that Bitcoin will not enter a bear market cycle similar to 2018, because BTC’s target is 45,000 US dollars

In various posts on Monday, analyst William Clement highlighted the “biggest divergence” between these two phenomena “occurring in real time.”

He said that based on the top and bottom models, a goal of $57,000 has already appeared, and if it is successfully recovered, the next $92,000 will be.

“If this level is subsequently recovered, it will be for the highest priced model currently at $175,000,” he said Add to.

BTC/USD top/bottom model compilation diagram.Source: William Clement/Twitter

Moving average escape Bitcoin has suddenly flipped over the weekend in recent weeks, including a high of $42,500.