Here’s what traders now expect as the price of Bitcoin has climbed back to $ 50,000

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On August 23, a widespread celebration took place in the crypto ecosystem after the sight of Bitcoin (BTC) above $ 50,000 sparked a resurgence of calls for the highest cryptocurrency to reach $ 100,000 by the end of 2021.

Data from Cointelegraph Markets Pro and TradingView shows that the morning bullish momentum that took the price of BTC to an intraday high of $ 50,514 started to fade as the day progressed at a current price. slightly over $ 49.0.

1 day BTC / USDT chart. Source: TradingView

Here’s what analysts say it could possibly come for the price of Bitcoin now that it’s back near the psychologically important $ 50,000 level.

Low volume suggests a short-term decline

Bitcoin’s rally to $ 50,000 has led many to assume that the price will only rise from here, but analysts at Decentrader have warned that the lackluster volume seen in the recent move could be a signal that price may need to regroup at lower support levels.

1 day BTC / USD chart. Source: Twitter

As Noted by Decentrader, there was insufficient volume during this recent move to push the BTC price above $ 52,000, and now it looks like a pullback to $ 48,000 or maybe less could be in the lows. cards as the bulls pause and regroup before their next push higher.

Decentrader analysts have identified $ 44,000 and $ 41,000 as support levels to watch if the BTC price drops.

An accumulation of nearly $ 49,200 is expected

The prospect of a near-term pullback has also been highlighted by pseudonymous cryptocurrency analyst Crypto_ED_NL, who is now looking for price to see a significant pullback below $ 50,000.

Based on the chart provided, Crypto Ed identified the area between $ 49,100 and $ 49,300 as a good area where traders could look to open long positions.

Related: Bloomberg strategist explains why 30-year US bonds have ‘bullish implications’ for Bitcoin

$ 75,000 by the end of the year

A more bullish take on the current price action was offered by pseudonymous Twitter user “RookieXBT,” who posted the following tweet calling for the price of BTC to hit $ 75,000 by the end of this year. the year.

In a follow-up tweet, RookieXBT noted that while “scribbles almost never perform as drawn,” the general idea is that BTC “will hit a new all-time high before the end of the year.”

RookieXBT said:

“During the time that Bitcoin spends between $ 50,000 and $ 60,000, I think Ethereum is reaching its all-time high after lagging on the initial upward movement.”

The overall cryptocurrency market cap now stands at $ 2.142 trillion and Bitcoin’s dominance rate is 43.4%.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move comes with risk, you should do your own research before making a decision.