The Bitcoin price is in new H2 2021 territory, setting the pace for altcoins in the process.
Following the strong push higher on September 5, BTC bulls are undoubtedly in charge, providing even more opportunities for swing and day traders.
Noticeably, the upswing of September 5 is incredible with high trading volumes, forcing prices above August 2021 highs, a trend-determining move in the medium term.
Bitcoin Market Performance and Price Status
Since Bitcoin bulls may soar to new H2 2021 highs, unwinding the temporary losses of late August 2021, every low might offer entries for optimistic BTC traders.
From the daily chart, it is clear that BTC/USD is within a bullish breakout pattern. The volume ingredient is the nitro that might propel the coin faster and harder towards the ideal $60k-$64k zone.
If anything, this is precisely what traders are looking forward to, are vibrant about, as per reading fundamental events across the board.
Regardless of the market depth of Bitcoin, the coin is up an impressive seven percent week-to-date, adding four percent on the last trading day.
In the days ahead, with the uptrend clear and the trend set, bulls would likely continue digging in, rejecting lower lows from now on.
Specifically, swing and day traders are banking on the middle BB—the 20-day moving average—to remain firm, rejecting lower lows.
Instead, the flexible support line could be the trigger, re-energizing bulls angling for $60k in the medium term now that BTC/USD prices are moving inside a rising channel.
No Sign of Tops, $100k by Christmas?
At least, this is the position of PlanB. Relying on his S2F model, the Bitcoin permabull says the coin could double its valuation in three months.
#Bitcoin currently at $50,400
Baseline S2F forecast of $100K by Christmas still stands (or more precise: $100K average for this halving period 2020-2024)
On-chain (non-S2F) indicator shows no sign of a top yet (no red dots). This is in line with S2F forecast pic.twitter.com/1lGguuhyST
— PlanB (@100trillionUSD) September 5, 2021
This is not the first time the on-chain analyst has maintained his position on Bitcoin.
Even at $10k, the trader kept his confidence up, predicting that halving would only accelerate the uptrend.
And it did, thus far, the Bitcoin price has more than doubled its spot rates blasting above $20k—2017 highs—and is on the path to $64k.
PlanB now says this is just the beginning. Based on the S2F model, there are no signs of a top “just yet,” a bullish indicator that might further help cement bullish convictions for aggressive traders ramping up on dips.
It is the same view another Bloomberg Analyst maintains. Fundamentally, he refers to Bitcoin as a global reserve currency—a substitute for the USD—that’s on its way to $100k.
BREAKING: Bloomberg senior strategist calls #Bitcoin a global reserve asset on the path to $100K
— Market Meditations (@MrktMeditations) September 5, 2021
Over the years, Bitcoin has evolved to be a MOV and a store of value, fundamental triggers helping draw more traders to the fold.
Meanwhile, another trader thinks BTC/USD prices are accumulating vertically and precisely why the coin is on its way to $100k.
— Trader XM (@TraderXM1) September 5, 2021
The vertical accumulation is the higher highs and BTC prices moving inside a rising channel in the last few weeks.
Accordingly, based on the trader’s prediction, these series of higher highs would be the pumps for a moonshot to all-time highs, unchartered waters above $64k.
Bitcoin will go Parabolic
The trader says BTC is clearly in an uptrend and might moon to over $100k, going Parabolic as a result.
Of note, the BTC funding rate has shifted to positive, meaning most traders are long and leveraged.
At the same time, the trader notes that BTC is now breaking out and potentially in the third impulsive wave that may lift the coin above all-time highs to $100k.
Charts courtesy of Trading View
Disclaimer: Opinions expressed are not investment advice. Do your research.
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