Search ForexCrunch
  • Bitcoin Price Still In Bullish Mode
  • Strong Resistance for BTC at 46K but if this broken, way to $50K is clear
  • Spectre of regulation seems to have been shrugged off by crypto bulls

 

The Bitcoin price seems to be having a tough time moving forward after sailing through the $40K level a few days ago. The ascending triangle still seems to be in place but a bearish reversal could soon be on the cards. In fact, the BTC price has once again been rejected at the $46K level and settles at around $45500 on Aug 10.

The recent speech by new SEC Chair Gary Gensler covering crypto regulation seems to have sunk into the market but the result has not been negative at all. It remains to be seen whether the new infrastructure regulation bill which was passed yesterday in the US Senate will have any marked effect on the crypto market. Part of this will be funded by a new windfall tax on crypto.

If you haven’t yet bought some Bitcoin then take a look at this How To Buy Cryptocurrency Beginner’s Guide.

Short Term Prediction For Bitcoin Price: Going Lower Before Breaking Higher?

The Bitcoin price has been on a rise since 4th August when it was trading at the $38500 mark. Yesterday’s close of $46500 represents an almost 20% gain over just 5 days which is quite impressive. However, Bitcoin has now seemingly hit a strong resistance level at the $46K to $47K mark.

A bullish thesis would see the Bitcoin price continue to move forward and start approaching the psychologically significant $50K barrier This could easily happen if the $47K mark is broken and buyers continue entering the market.

A bearish thesis would obviously invalidate all this. The Bitcoin price would then drift below the $42K mark or a 10% decline and a sell off could occur which would push BTC close to the $40K mark. However a more modest retracement is more likely to occur as Bitcoin establishes a higher low from where to springboard forward again.
If you are interested in the cryptocurrency market and want to start trading then take a look at these Top Cryptocurrency Brokers.

Long Term Prediction For BTC: Bullish Momentum Continues After A Short Pause

The Bitcoin price appears to be on a roll over the past few days. The rally has continued unperturbed with most other major cryptos following suit. It has to be noted that the Bitcoin price is actually up by an impressive 54% since July 21. This is the third best gain in 2021 over a 20-day period and also represents a 285% ascent over the past year.

The overall long-term predictions for Bitcoin seem to be bullish. Although there may be slight pauses on the way as some retracements may occur, the Bitcoin price seems well on its way to start retesting the all time highs for 2021 within the next few weeks.

Looking to buy or trade Bitcoin now? Invest at eToro!

Capital at risk

Expert score

5

Etoro - Best For Beginner & Experts

  • 0% Commission and No stamp Duty
  • Regulated by US,UK & International Stock
  • Copy Successfull Traders
Your capital is at risk.