Bitcoin Price Prediction: BTC/USD Targets $50,000 Level
Bitcoin Price Prediction – August 9
The Bitcoin price prediction reveals that BTC breaks $45,000 for the first time in over 2 months with more than 4.74% gain.
BTC/USD Long-term Trend: Bullish (Daily Chart)
Key levels:
Resistance Levels: $50,000, $52,000, $54,000
Support Levels: $40,000, $38,000, $36,000
At the time of writing, BTC/USD is pushing the market above the crucial resistance level of $45,500. However, the number-one crypto is moving with strong bullish momentum after a sustainable break above the upper boundary of the channel to create an additional uptrend. Meanwhile, BTC/USD is seen gaining close to 5% since the beginning of the day after recovering from the support level of $42,800 support.
Bitcoin Price Prediction: Bitcoin (BTC) Price May Soon Hit $50,000
As the Bitcoin price stays above the 9-day and 21-day moving averages as the coin is steadily regaining ground over the last three months. Moreover, the technical indicators show that the bulls are now ready for action as the signal line of the Relative Strength Index (14) moves within the overbought region. However, any further bullish movement above the upper boundary of the channel could pave the way for another gain above $48,000 before reaching the potential resistance levels of $50,000, $52,000, and $54,000.
Considering the downside, if BTC/USD falls below the support level of $42,000, the bears may wrestle out of control over the situation very quickly as traders could interpret it as a sign of underlying weakness. The next critical support may come at $40,000, which may be followed by $38,000, and $36,000 support levels.
BTC/USD Medium – Term Trend: Bullish (4H Chart)
The 4-hour chart reveals that the market is showing a sign of weakness as the price slides toward the 9-day moving average. However, the intraday trading is looking bullish; following the recent rebound at $42,821 which is the key support level. Therefore, if the coin trade below the 9-day and 21-day moving averages, it could meet the next key support level at $42,000 and below.
Nevertheless, looking at the recent sharp rebound, the Bitcoin price could revisit the bullish rally towards the resistance level of $46,000. A climb above the mentioned resistance may further push the Bitcoin price to the resistance level of $49,000 and above. On the contrary, the technical indicator Relative Strength Index (14) faces down, suggesting downward movement.
Looking to buy or trade Bitcoin (BTC) now? Invest at eToro!
75% of retail investor accounts lose money when trading CFDs with this provider
