Bitcoin Rate Won’t Reach $50K Yet: Expert Opinion
For the next month, bulls should not hope that the Bitcoin rate will grow to $50,000, since August is already over, and September, as a rule, does not play in favour of an increase in the BTC rate.
On August 31, Bitcoin hovered below $50,000. According to TradingView, the BTC / USD pair continued to trade in a downward channel four days ago that day.
Despite some very encouraging on-net metrics and fundamentals, BTC’s price action disappointed the market over the weekend and beyond, as the lack of momentum held back $50,000.
Major resistance, which has now consolidated on exchanges at $51,000 and above, remains firm, and analysts say the outlook remains unclear until that level turns into support.
According to Cointelegraph’s contributor Michaël van de Poppe, if Bitcoin can overcome the $51,000 level, the rate will enter a new impulsive wave, first reaching the $58,000 level, and later – a new all-time high.
And although only $17,000 remains until the current historical maximum, at the time of writing the news, given the current market situation, it is hard to believe in achieving the goals named by Poppe.
Popular trader and analyst, Rekt Capital, believes that Bitcoin is moving not towards resistance, but towards retesting the demand, which has been entrenched thanks to the previous phase of accumulation.
The data suggests that a sudden drop in the BTC rate is unlikely, as the accumulation rate in the $40,000 range is quite significant.
According to the latest weekly report of Glassnode, the market is currently at the top of the node with very high on-chain volume thanks to the price topping $50,000 last week and there has been noticeable profit-taking.
Also, 1.65 million Bitcoins have a base value of between $45,000 and $50,000. This indicates that a fairly strong group of high-interest investors remains in the market.