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  • The Bitcoin price appears to be stuck in a tight trading range between $47K and $49K
  • Bitcoin slips by around $900 to just under the $48K mark
  • Continued indecision in the crypto market creating instability and hesitancy amongst investors

The Bitcoin price appears to have stumbled in its continuous ascent and is looking slightly bearish for the next few days. After having reached the $50,000 mark on 23 August, hopes of another large rally were dashed as BTC immediately descended to the $46000 level only to recover slightly.

It appears that the continued instability in the crypto market is having an effect on the short-term prospects of the Bitcoin price although overall, the situation still remains bullish on a long-term basis. If Bitcoin were to make another assault towards the $50,000 mark, there could be another rally although at present, BTC is more likely to remain in a sort of consolidation range.

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: More Sideways Trading Until Another Push Begins?

The Bitcoin price looks to be rather bearish at present and the short term seems to be indicating more of the same. Some big movement in the cryptosphere would possibly move the price one way or another but the indications are of continued sideways movement.

If a bullish thesis were to come into play, the Bitcoin price would probably rise to the $49K level where an assault on the $51K mark would be possible. There is massive resistance at this level and strong bullish sentiment would be needed to overcome this price point.

A bearish thesis would of course invalidate this scenario. If this were to occur, the Bitcoin price would descend to the $46 level quite fast and selling pressure may also come into play. If a sell off occurs, Bitcoin may crash all the way down to the $44000 mark. The next few days should be interesting to observe the trend for the BTC price.

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Long Term Prediction For BTC: Still Bullish Although Resistance Levels Crucial

As the cryptocurrency markets as a whole enter bearish mode, all eyes are on Bitcoin to observe its next movement. The long-term prediction for BTC remains very bullish with a considerable number of analysts stating that it will probably reach the $100K level by the end of the year.

Although that price level may seem to be pie in the sky for some, it could certainly happen if a buying spree and FOMO ensues. It is more likely that the Bitcoin price will revisit its previous all time high of around $65K some time before the end of the year.

Where to Buy Bitcoin

If you want to purchase Ripple, you can do so on the following exchanges:
eToro is one of the trusted exchange platforms in the crypto space. eToro supports copy trading, which allows new traders to learn from market experts. eToro also charges low trading fees and commissions.
The other platform where you can buy Bitcoin is Binance. Binance is one of the largest exchange platforms. It supports a wide range of cryptocurrencies and trading pairs. It also offers user-friendly features.

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

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