Bitcoin “waits for the second phase of the bull market” as the price hits 3-month highs of $ 46,000

Bitcoin (BTC) hit $ 46,000 on Aug. 9, while macro factors failed to dampen excitement after 18% weekly gains

BTC / USD (Bitstamp) 1-hour candlestick chart. Source: TradingView

Data from Cointelegraph Markets Pro and TradingView showed the BTC / USD pair was trading above $ 45,500 at press time.

After hitting local highs overnight, Bitcoin slumped early in the new week, but it quickly changed, reaching a three-month high of $ 46,090.

Bitcoin “waits for the second phase of the bull market” as the price hits 3-month highs of $ 46,000
Bitcoin “waits for the second phase of the bull market” as the price hits 3-month highs of $ 46,000

With a correction pending, analysts were firmly bullish on the next moves for the BTC / USD pair. Among them was PlanB, the creator of the BTC stock-to-flow pricing model.

“Bitcoin at USD 46,000”, summarized to Twitter followers along with a chart of the price development after each halving event for block subsidies.

“We are 16 months after the halving (red line) and are waiting for the second phase of this bull market.”

BTC / USD pair cut price comparison chart in half. Source: PlanB / Twitter

Kraken growth leader Dan Held argued that the action was reminiscent of Bitcoin in 2013. when it saw a significant decline from an all-time high, only to hit a second, much larger high that same year.

“So far there is no correction for Bitcoin”, added Cointelegraph employee Michael van de Poppe.

As Cointelegraph reported, Concerns about a bill that could change tax requirements for cryptocurrency companies in the US hadn’t dampened sentiment and instead appeared to act as a catalyst for price gains.

The crypto markets also avoided a sudden, dramatic decline in gold on Monday, which briefly fell to its lowest level in four months.

“Bitcoin’s path to Gold 2.0 was beautiful”, He said Held.

“It was planted during the 2008 crisis and grew up during the Covid crisis. The crazy thing is that Bitcoin is just getting started. “

Analyst: Bitcoin is repairing “greatest divergence” in fundamentals

Coming to the on-chain fundamentals, it was a price-catching game that still had a lot to do to do justice to the sentiment that was implied.

In various posts on Monday, Analyst William Clemente highlighted the “greatest divergence” between the two phenomena “that evolve in real time”.

According to the model of the maximum and minimum A target of $ 57,000 has emerged, and if this is successfully achieved, the $ 92,000 level will be next.

“If this level is reached again later, this would indicate the maximum price model, which is currently at USD 175,000”, added.

BTC / USD top / bottom model composition chart. Source: William Clemente / Twitter

The moving averages, which Bitcoin had bypassed for the past few weeks, suddenly changed over the weekend, including the high of the $ 42,500 range.

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