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Bitcoin Price Bullish Outlook for the Latter Half of the Year, Here are the Price Levels

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Over the last 24 hours, the entire market has had mixed results. The Bitcoin price is currently trading at $56,759.68 at the market open today. Meanwhile, based on recent market activity, the market is anticipated to see a minor retracement or sell-off shortly after touching the important $57,000 level, with traders expecting $56,000 to $55,500 to be tested again before moving higher.

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On the downside, if the market falls, the price of Bitcoin could fall below the 9-day moving average of $57,000, and if that support fails to hold the sell-off, traders could see a further decline towards the channel’s lower boundary, with support levels of $51,000, $49,000, and, most importantly, $47,000. Nonetheless, any further bullish rise towards the channel’s upper boundary may find resistance at $60,000, $62,000, and $64,000.

Also Read : Popular Analyst Expects Ethereum Price to Hit 20k by Q1 of 2022!

Btc’s Outlook for the Year End Is Super Bullish!

Bitcoin’s (BTC) outlook for the second half of this year remains strongly favorable, according to on-chain analyst William Clemente.

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According to Clemente’s latest research from Blockware Intelligence, Bitcoin could face a short-term dip before any upward momentum continues

Multiple variables, like whales taking profits and highly liquid entities taking hold of BTC, according to the on-chain analyst, could suggest some weakness for the top coin by market cap.

He further adds that he wouldn’t be shocked to see a short-term fall to about $53,000, with a retest of PoB at the very least (point of a breakout).

According to Clemente, Bitcoin’s longer-term prospects look extremely favorable for a variety of reasons.

“Macro: highly bullish. Supply dynamics(HODLing behavior) remain strong, hash coming back on the network, retail still out of the market. Still standing on my thesis for a strong Q4.”

Clemente also keeps a close eye on one of his favorite charts. According to the analyst, the amount of Bitcoin purchased by LTHs (long-term holders) is at all-time highs, which could indicate that a supply shock and subsequent price spike are on the way.

Also Read : Analyst Predicts 6-Digit For BTC Price ! Here’s when Bitcoin Will Hit $250k

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Disclaimer : The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of Coinpedia. Every investment and trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Delma Wilson

Delma is a B2B Content Marketer, Consultant, Blogger in the field of Blockchain, and Cryptocurrency. In her spare time, she loves to blog, play badminton and watch out ted talks. She likes pets and shares her free time with NGO.

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