BitcoinPrice Analysis

Bitcoin Price Set to Hit $50k! BTC to Breakout In Early September?

Written by: Qadir AK

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Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

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Aug 3, 2021

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Tone Vays, a seasoned crypto trader and analyst, has revealed his short-term worst-case scenario for Bitcoin. At the time of writing Bitcoin is trading at $38,200. It is down by 4.11% in the last 24 hours.

Vays claims in a new strategy session with on-chain analyst Willy Woo that Bitcoin’s recent piercing of the $42,000 mark has made him less confident of a substantial move lower for BTC, and that he expects the king cryptocurrency to rally to a new all-time high.

He believes there will be some retrenchment. He initially predicted that the retreat would go as low as $35,000 in the worst-case scenario before resuming its upward trajectory to new all-time highs.

Now that we’ve reached $42,000 and plunged, he believes the retreat will be limited to $37,500 before returning to the forties and breaking out in August or early September. That’s pretty much his take on Bitcoin as a whole.

Vays’ viewpoint differs from his earlier prediction, in which the crypto analyst predicted a “capitulation day” for Bitcoin, with BTC printing a new 2021 low. Last week, Vays predicted that Bitcoin would experience a “capitulation day” as it traded under a negative descending triangle formation. If BTC Price manages to climb above its 50-day moving average, the analyst’s prediction may be disproved. 

Are we about to do one more short squeeze? Right now, I still think right now we’re in a little bit of a ‘no touching’ zone, but if we go back above $42,000, I think it’s on all the way to $50,000.

As long as Bitcoin reclaims the $42,000 mark, Vays believes the June 21st low of $28,675 won’t be seen again.

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Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

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