Bitcoin strikes for $50,000 level: all time high or a platform for a future surge?
For the past week, BTC has been steadily running up to $50,000 point. However, technical analysis shows further upturn is hardly to be expected.
On Sunday, 22 August BTC to USD rate almost reached $50,000 level beating a three-month record. In general, the last week demonstrated the staying power of higher price rates.
Interestingly, the Plan B analysts earlier insisted that BTC could reach a potential $450,000 rate by the end of 2021 with $135,000 rate being the worst-case scenario. According to their stock-to-flow model in August, the end-of-month settlement will be $47,000, in September for technical reasons the price may fall to $43,000 only to bounce back to $63,000 in October.
Similar optimistic yet considered opinions are shared by other popular traders on Twitter.
ETH has also benefited from the positivity puncturing the resistance line this week and it has the chances to consolidate its position there.
However, not all the investors and market analysts are so sure about the further growth prospects. Some got back to anticipating bearish decline in BTC price.
Traders’ habits observed at Material Indicators suggest strength of the market is now questioned. According to one futures setup estimations, the price will edge to $32,000 by the end of August and $34,000 by the end September, consequently. As there are currently numerous $50,000 puts at trading platforms, they are likely to be rejected suggesting a modestly bearish trend in the near future.