Bitcoin AT $46K, Will The Market See $50K Before The Next Bear Market?August 11, 2021
Bitcoin is roaring right now price-wise. The price of the coin shows no signs of slowing down following the price rally from the past three weeks. Every time it seems like there is a slowdown, the price picks up again, breaking new resistance points that had before held it back. The run-up from a price range of the low $30,000 has now seen the digital asset price break into the $46k territory.
Despite what might be a slowing down, the digital asset has not lost its position. Rather taking small steps in either direction but ultimately maintaining its position on the charts. $46,800 still remains the price to break at this point, as bitcoin continues to shy away from hitting it.
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Bitcoin Over 24 Hours
Bouncing between $45,000 and $46,000 has been the order of the day for the past 24 hours. Growth patterns showing bounce patterns that would most likely end up charging either direction, up or down. The bulls continue to have the superior hold on the price, with bitcoin having closed out in the green 15 days out of the past 22 days.
Bitcoin post 3.38% gains in 24 hours | Source: BTCUSD on TradingView.com
Gains continue to be the order of the day. The price of the digital asset is mostly higher each day than the last, sending crypto portfolios into the green after two brutal months of soul-crushing red markets.
Bitcoin price has grown 3.38% in the last 24 hours. Amounting to over a $1,000 price change in the asset in the span of a day. Although the charts haven’t been completely green this past day. A dip saw the price of the digital asset plunging towards the low $45,000. But this would prove to be just a blip since the asset recovered and went up in the $46,000 range.
Momentum Continues To Hold Up
This momentum is the kind that could see the price of BTC ricocheting off the charts following a bounce, sending the price of the coin barreling towards $50k. But the price could just as easily crash back down to set the market back into a stretched-out bear market.
It is crucial to maintain momentum following the increase in the price of an asset. Because any lapse in momentum would just as easily send the price crashing back down to where it was coming from. Sometimes even lower than the beginning points of the rally.
Related Reading | Bitcoin Price Breaks $45,000 For the First Time In Over 2 Months, Is $64,000 Possible Again?
If this momentum holds up, then indicators point that the market will most likely hit $50k before there is any significant dip in the price of bitcoin that would put the market in bear territory.
The price movements continue to fuel larger-than-life bitcoin price predictions, with analysts believing that the digital asset is bound for $100k by the end of the year. Even though a $50k price point would be a more realistic prediction, these $100k predictions are not without their merits.
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