Bitcoin Roars Back Above $43k, A Once-In-A-Decade Buy Signal Printed, Can BTC/USD Buyers Reclaim $64k?
What’s printing out in the Bitcoin daily chart is a Picasso—a stunning piece of art in the eyes of BTC holders and traders.
It hasn’t always been like this for a while. The swinging of prices has been both depressing and relieving.
At one point in the last two months, BTC/USDT prices were on the cusp of sinking to unimaginable levels–towards $20k–perfect fodder for critics.
It didn’t. Here we are now.
specifically, the rebound from $30k has provided immense opportunities for savvy traders to accumulate.
Bitcoin Market Performance
Following yesterday’s upsurge above $42k—which also flashes with January 2021 highs—the last barrier broken before BTC prices shot to $64k in the first half of 2021–, more traders are bullish that there could be more in the offing for BTC in subsequent sessions.
All that’s required reading from the BTC/USDT daily chart is a solid confirmation of and close above $42k over the weekend.
It will steel bulls, proving a perfect launching pad in a bullish breakout pattern for BTC bulls targeting $64k.
Notably, it isn’t hard to observe that BTC/USDT prices have now managed to wipe out sharp losses of May 19.
From an Effort-versus-Results perspective, this move alone is enough to cancel the downtrend, confirming the bottom—a significant boost for buyers.
In the higher time frames—monthly chart—there is a three-bar bullish reversal pattern coincidentally with the zone around the $30-$31k forming the base of this lift-off.
Bitcoin Uptrend Has On-Chain Support, BTC/USD Chart Can “change Very Fast”
As Bitcoin prices trend above $42k for the first time in several weeks, an analyst on Twitter remarks that the uptrend is supported.
Here is another attempt for #Bitcoin to break out above $42k.
On-chain trends are supportive of the move. Over the last 30 days most groups, from small fish to whales, have been accumulating.
So we'll see if that helps pushing the price higher. 📈🧐 pic.twitter.com/ze4Fi6Sw4o
— ecoinometrics (@ecoinometrics) August 6, 2021
They observe that before this upsurge, most traders have been accumulating. The resulting demand and desire to buy the dips now offers critical support for Bitcoin bulls.
Accordingly, the odds of Bitcoin trending higher, even closing above $43k over the weekend, remain high.
Interesting, even as Bitcoin prices pump, trader count is at a two-year low. As such, if Bitcoin whales push prices higher, attracting “normies,” the BTC/USD chart could change very fast.
Bitcoin transaction count is still at a 2-year low.
If hodlers, whales, and traders manage to push the price higher attracting the normie retail this chart will change pretty fast. pic.twitter.com/l6DIzOwSv3
— Lex Moskovski 🐙 (@mskvsk) August 6, 2021
Regardless of events in the daily chart, another trader is confident that BTC/USD will close above $64k by the close of the year.
Bitcoin will break the ATH before the end of the year. Stop worrying about the price so much.
— The Moon Is Back (@TheMoonCarl) August 4, 2021
It is a reason why he advises other traders not to “worry about prices too much.”
BTC/USD Is Now Trading Above a Multi-Month Zone
On Twitter, another analyst, based on developments in the weekly chart, says that prices are now above a multi-month support zone after the close above $43k on Aug 6.
#BTC has successfully claimed the 200 day EMA as support, a long-term gauge of investor sentiment towards BTC$BTC has also successfully claimed the 21 week EMA as support, a Bull Market indicator
The market is getting bullish#Crypto #Bitcoin
— Rekt Capital (@rektcapital) August 6, 2021
Notably, Bitcoin bulls have claimed the 200-day EMA—a widely used moving average—used by traders to gauge sentiment. Concurrently, BTC/USD prices are now trending above the 21-week EMA, a Bull Market indicator.
Putting all these markers in one picture shows that Bitcoin is now bullish, likely to post more gains in the days to come.
Bitcoin Most Likely Headed Back to $52k
On YouTube, CryptoWorld is confident of Bitcoin buyers adding to their longs, pushing prices higher towards the $52k level.
What’s more? He points out that one of the most important buy signals, printed only once in a decade in the past, has been generated—cementing his bullish outlook.
Thus far, BTC/USDT is trading within a bullish breakout pattern, complete with a rising RSI.
This is the length of the flag of the bull flag, of which BTC/USD prices broke from in the daily chart.
Charts courtesy of Trading View
Disclaimer: Opinions expressed are not investment advice. Do your research.
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