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Bitcoin Price Prediction – A Bitcoin Move Through to $48,500 Would Bring $50,000 into Play

By:
Bob Mason
Published: Aug 20, 2021, 12:56 UTC

It's been a mixed morning for Bitcoin and the broader crypto market. A Bitcoin move back through to $48,500, however, would give the bulls another run at $50,000 levels.

Flying altcoins with Bitcoin in the center as the leader. Bitcoi

In this article:

After a bullish Thursday, it’s been a mixed morning for Bitcoin and the broader crypto market.

At the time of writing, Bitcoin, BTC to USD, was up by 0.52% to $47,008.0.

A mixed morning saw Bitcoin fall to an early morning low $46,647.0 before finding support.

Steering clear of the of the first major support level at $44,818, Bitcoin rose to a late morning current day high $47,407.4.

Falling short of the first major resistance level at $47,887, however, Bitcoin slipped back to sub-$47,000 levels before finding support.

The Rest of the Pack

It has been a mixed morning for the broader crypto market.

Binance Coin was down by 0.57% through the morning to buck the broader market trend.

It’s been a bullish morning for the rest of the majors, however.

At the time of writing, Crypto.com Coin and Polkadot were up by 4.56% and by 4.82% respectively to lead the way.

Cardano’s ADA (+2.16%) and Chainlink (+2.70%) also found strong support.

Bitcoin Cash SV (+0.91%), Ethereum (+1.00%), Litecoin (+0.80), and Ripple’s XRP (+0.33%) trailed the front runners, however.

Through the early hours, the crypto total market fell to an early morning low $1,986bn before rising to a high $2,019bn. At the time of writing, the total market cap stood at $2,008bn.

Bitcoin’s dominance rose to an early morning high 44.25% before falling to a low 43.95%. At the time of writing, Bitcoin’s dominance stood at 43.95%.

For the Afternoon Ahead

Bitcoin would need to avoid the $45,939 pivot to bring the first major resistance level at $47,887 into play.

Support from the broader market would be needed, however, for Bitcoin to break out from $47,500 levels.

Barring an extended crypto rally through the afternoon, resistance at $48,000 would likely leave Bitcoin short of the second major resistance level at $49,008.

In the event of an extended rally, however, Bitcoin could target $50,000 levels, however, before any pullback. The third major resistance level sits at $52,077.

A fall through the $45,939 pivot would bring the first major support level at $44,818 into play.

Barring an extended sell-off on the day, Bitcoin should steer clear of sub-$44,000 levels. The second major support level sits at $42,870.

Looking beyond the support and resistance levels, we saw a bullish cross this morning with the 50 EMA crossing through the 100 EMA. The 50 also pulled away from the 200 EMA providing support through the morning.

A further widening of the 50 EMA from the 100 and the 200 EMAs this afternoon would bring resistance levels into play.

Bitcoin would need to move back through to $48,500 levels, however, to give the bulls a run at $50,000.

A fall through the pivot and support levels will come into play…

About the Author

Bob Masonauthor

With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.

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