Now that the price of Bitcoin has rebounded to $50,000, this is what traders expected

On August 23, after seeing Bitcoin, the entire crypto ecosystem held an extensive celebration (Bitcoin) Rose to more than US$50,000, triggering a renewed call for the top cryptocurrency to reach US$100,000 by the end of 2021.

Data from Cointelegraph Markets Pro And Transaction view It shows that the early morning bullish momentum that pushed the BTC price to an intraday high of $50,514 has begun to weaken, and the current price is slightly higher than $49,0.

BTC/USDT 1-day chart. Source: Transaction view

This is what analysts call the next possible scenario for the price of Bitcoin, because it has returned to the important psychological value of around $50,000.

Low volume implies a short-term correction

Bitcoin’s rise to $50,000 makes many people think that prices will only rise from here, but Decentrader analysts have offered a warning because the low volume in recent trends may be a signal that prices may need to regroup at a lower level of support.

BTC/USD 1-day chart. Source: Twitter

As Noticed Decentrader said that in this recent move, the volume was not enough to push the BTC price above 52,000 USD, and now it looks like it may pull back to 48,000 USD or lower because the bulls rest and regroup before the next push.

Decentrader’s analysts have identified 44,000 USD and 41,000 USD as support levels. If the price of BTC shows a bearish decline, it needs to be closely watched.

Expected to accumulate close to 49,200 USD

The pseudonymous cryptocurrency analyst Crypto_ED_NL also emphasized the prospect of a short-term correction, and he is now looking for a price to see a meaningful correction below $50,000.

According to the chart provided, Crypto Ed identified the area between $49,100 and $49,300 as a good area where traders may wish to open a long position.

Related: Bloomberg strategist explains why 30-year U.S. bonds have a “bullish effect” on Bitcoin

$75,000 by the end of the year

An anonymous Twitter user “RookieXBT” gave a more optimistic view of the current price trend. He released the following tweet, calling for the price of BTC to reach $75,000 by the end of the year.

In a follow-up tweet, RookieXBT pointed out that although “the curve will almost never be as drawn”, the general idea is that BTC will “set a record high before the end of the year.”

RookieXBT says:

“In the time Bitcoin spent between $50,000 and $60,000, I think Ethereum broke a new all-time high after lagging in its initial rise.”

The overall market value of cryptocurrencies is now $2.142 trillion, and Bitcoin’s dominance rate is 43.4%.

The views and opinions expressed here only represent the views of the author and do not necessarily reflect the views of Every investment and trading action involves risk, and you should conduct your own research when making a decision.