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Bitcoin (BTC) hit $ 46,000 on August 9 as macro factors failed to shake enthusiasm after weekly gains of 18%.
Data from Cointelegraph Markets Pro and TradingView showed BTC / USD trading above $ 45,500 at the time of writing on Monday.
After hitting local highs overnight, Bitcoin saw a decline at the start of the new week, but that quickly turned around to produce a three-month peak of $ 46,090.
With a correction still to be initiated, analysts were firmly bullish on the moves ahead for BTC / USD. Among them was PlanB, creator of the stock-to-flow BTC pricing model.
“Bitcoin at $ 46,000,” he said abstract to Twitter followers next to a graph of price performance after each block grant event.
“We are 16 months after the halving (red line), waiting for the second stage of this bull market.”
Kraken growth leader Dan Held argued that the stock was reminiscent of Bitcoin in 2013, when it slumped from an all-time high to a much larger second high in the same year.
“So far no correction exists for Bitcoin”, Cointelegraph contributor Michael van de Poppe added.
As Cointelegraph reported, concerns about the arrival of a bill that could shake the tax requirements of cryptocurrency firms in the United States have failed to calm the mood, appearing instead to act like a catalyst for rising prices.
Crypto markets also avoided a sudden and dramatic drop in gold on Monday, which briefly fell to its lowest level in four months.
“Bitcoin’s journey to becoming Gold 2.0 has been magnificent”, Held noted.
“It was planted during the 08 crisis and came of age during the Covid crisis. The crazy thing is that Bitcoin is just getting started.
Analyst: Bitcoin Fixes ‘Biggest Divergence’ From Fundamentals
Switched to chain fundamentals, and it was a price catch-up game that still had a long way to go to match the implied sentiment.
Related: No, Bitcoin Is Not Entering A 2018-Like Bear Cycle, New Data Suggests As BTC Targets $ 45,000
In various articles on Monday, analyst William Clemente pointed to the “greater divergence” between the two “real-time” phenomena.
Based on the modeling of the ups and downs, a target of $ 57,000 has emerged, he said, and if this one is successfully clawed back, $ 92,000 will be next.
“If that level is then recovered, it would target the highest price pattern which currently sits at $ 175,000,” he said. added.
The moving averages that had eluded Bitcoin in recent weeks were suddenly reversed over the weekend, among them the high range of $ 42,500.
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