Bulls lose $47,000 – Bitcoin (BTC)
is nearing $46,500 and is casting doubt on some traders and analysts who are anticipating a fall well below it. Other forecasts, however, remain optimistic despite this low below $47,000.
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Probable fall to $44,000
Bitcoin rises to $49,296 on Bitfinex early today, August 26, 2021. It then began a sharp decline, losing the $49,000 and then the $48,000, and even the $47,000. Bitcoin went down to the $46,596s before rebounding slightly. It is trading at $46,918 at the time of writing, and is currently recording a daily loss of 3.60%.
Trader Rekt Capital reacted to today’s decline as Bitcoin traded in the $46,600 – $46,700 area. If the bulls fail to defend support in this range, Bitcoin could, in his opinion, fall into the $44,000 – $46,000 major support area.
Rekt Capital release – Source: Twitter
Trader Michael van de Poppe also shared the scenario of Bitcoin falling to the $44,000 area, after a bullish rebound stopped by a strong resistance area at $48,
000. <img width=”1920″ height=”949″ src=”//www.w3.org/2000/svg’%20viewBox=’0%200%201920%20949’%3E%3C/svg%3E” alt=’Michaël van de Poppe doesn’t rule out a drop to $44,000 for Bitcoin.” /><img width=”1920″ height=”949″ src=”https://yellowrocketagency.com/wp-content/uploads/2021/08/vandepoppe..jpg” alt=’Michaël van de Poppe doesn’t rule out a drop to $44,000 for Bitcoin.” />Michael van de Poppe’s post – Source: <a href=”https://twitter.com/CryptoMichNL/status/1430793110381113357/photo/1″ target=”_blank” rel=”noopener”>Twitter</a> <h2>Expected return to $50,000</h2> <p>Not all forecasts are pessimistic, despite this drop below $47,000. Minkyu Woo, a contributor at <a href=”https://cryptoquant.com/quicktake/612722c86e4a06184bf949c1-It-is-way-too-obviously-bullish” target=”_blank” rel=”noopener”>CryptoQuant</a>, calls the loss of $47,000 a “fake – dip”. Bitcoin should soon return, in his view, to the $50,000 mark.</p> <p>The recapture of the $50,000 mark should also be aided by the end of fears of a market collapse due to the Grayscale Bitcoin Trust’s large Bitcoin releases since July 2021. The last unlocking deadline which was for 58 BTC, was yesterday, August 25, 2021.
Today’s pessimistic outlook on Bitcoin, is in line with John Bollinger’s warning. Most traders and analysts seem to agree on a correction that can bring Bitcoin back to levels near $40,000, but no one knows at this time the level of rebound that will allow Bitcoin to break back through $50,000.
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