The behavior of the price of Bitcoin leads analysts to make predictions above USD 50,000. After breaking resistance at USD 40,000 and crossing moving averages to the upside, buyers are more likely to make a profit.
The price of Bitcoin has stagnated a bit and even declined after accumulating significant profits in August. Some analysts make predictions about where it could go during the first week of September 2021.
The pioneering cryptocurrency is trading at USD 48,900 and has accumulated a 0.6% profit in the last 24 hours, according to CoinGecko.
Predictions of Analysts about the Price of Bitcoin for September
The BTC vs. USDT daily chart indicates a clear short-term upward trend for the price of the pioneering cryptocurrency. It precedes the 8-day EMA and 18-day SMA moving averages, which cross to the upside.
Right now, there is a pullback that started after resistance around USD 50,000 hampered the price.
So far, the price has attempted to maintain the short-term bullish direction, using the moving averages as dynamic supports.
Based on the current behavior of the price of Bitcoin, analysts make an upward prediction. They believe that it will most likely exceed USD 50,000 during the first week of September.
A Medium Term Trend Correction Does Not Mean Expecting a Fall
The weekly timeframe shows quite developed momentum, beginning to give some ground to sellers.
Faced with the slight exhaustion of the bulls, it is increasingly likely that there will be a relevant pullback. However, analysts consider that this is not the time for sales.
The current gains are due to the resumption of a trend that created demand above USD 30,000 on numerous occasions.
Momentum could seek new all-time highs after breaking resistance at USD 40,000 and crossing the moving averages to the upside. For that reason, the odds of winning appear to be more towards the side of buyers.
According to the daily chart, the short-term target is a price of USD 58,352.
These are the Opinions of Analysts
Recent gains allowed positivity to take over market sentiment. The point of view of most cryptocurrency analysts agrees on this point.
Renowned analyst Will Clemente, who is popular on Twitter, recalled that a massive bullish movement could break the upward channel of Bitcoin.
PlanB showed the Stock to Flow indicator, which he adapted and popularized, forecasting USD 100,000 before the end of the year.
Blockchain engineer Alex Wice recently warned that this is the last chance to buy Bitcoin at less than USD 50,000. The investor believes that the all-time high test could trigger a massive Fear of Missing Out.
WhaleMap, a firm that analyzes the behavior of Bitcoin whales, says this is not the time to be bearish. They argue that the risk/reward ratio seems to be quite attractive when analyzing the on-chain data.
The increasing relevance of Bitcoin in the world market leads analysts to make increasingly daring predictions. Most of them agree that the price of the cryptocurrency will hit above USD 50,000 this year. The truth is that the creation of Satoshi Nakamoto has proved capable of recovering from its worst drops.
By Alexander Salazar
