Bitcoin: The Bollinger Alert Signal

By: Bharggavi Ssayee

September 1, 2021 6:25 AM

Day in the green but red alerts - Bitcoin (BTC) is close to $ 47,000 before registering a sharp rise allowing it to recover 2 key levels. While Bitcoin is still trading around $ 50,000, analysts are predicting a healthy correction that could bring its price down to $ 40,000 initially.

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Healthy Bitcoin Pullback: Potential Bounce Areas

Bitcoin loses $ 48,000 and drops to $ 47,227 on Bitfinex today, August 25, 2021. Its price then starts to rise again, quickly regaining $ 48,000 and then $ 49,000, rising to 49,022 $. Bitcoin is trading at $ 49,025 at the time of writing and is currently registering a daily gain of 1.57%.

Trader Michaël van de Poppe mentioned in his last video the key areas to watch. The $ 51,000 remains the critical resistance area, while the $ 42,500 - $ 44,000 is the next major support area, should the $ 47,000 - $ 48,000 give way.

But is a drop to $ 42,500 really an option after the bulls cross $ 50,000 only to lose it after a few hours to bear pressure? Scott Melker, author of the Wolf Den Newsletter, expects Bitcoin to drop to the $ 40,000- $ 42,000 zone. Such a pullback would still be healthy and would be followed by a rebound.

Secure in the short term, a month largely in the green

Analysts seem to expect the bulls to be "shaken up" before they gain enough strength to sustain the adventure above $ 50,000. John Bollinger warned investors and traders in his tweet yesterday, August 24, 2021. He believes the markets should think about securing their current gains because aggressive traders can “set up shorts” and exercise bearish pressure on Bitcoin.

Despite this short-term bearish outlook, Bitcoin is currently having a good August with a monthly gain of around 18%.

How could Bitcoin hit $ 100,000 in 2021 when bulls are already struggling to cross $ 50,000 in the short term? The next few days are uncertain but from a long-term perspective, Bitcoin's fundamentals continue to strengthen as shown in CipherTrace's latest report on Bitcoin adoption in 154 countries.

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