BTC price dips to test $48K springboard for potential new Bitcoin bull run
A brief but timely reversal sees BTC/USD attempt to establish a firm foundation for its next stage of bullish upside. Bitcoin (BTC) briefly fell below $50,000 to retest support on Sep. 3 in a "critical" move for determining bullish continuation. Data from Cointelegraph Markets Pro and TradingView showed BTC/USD dropping to lows of $48,350 on Bitstamp overnight before recovering. That level represents an important zone to hold, trader and analyst Rekt Capital said Friday, and success will allow a solid attack on resistance at $51,000 and beyond.
"BTC is still in the process of retesting this blue diagonal as support," he commented on an accompanying chart. "BTC needs to successfully retest this blue diagonal as support if it is to springboard to ~$51,000 next."
As Cointelegraph reported, beating out this resistance should lead to fairly swift BTC price gains given the lack of selling friction for much of the remaining $50,000-$60,000 corridor.
"To me, Bitcoin still has to break that $51K level here for further bullish momentum," Cointelegraph contributing analyst Michaël van de Poppe added Thursday. He noted that while BTC/USD ranges, altcoins should continue to benefit.
Bitcoin fundamentals back in vogue
Elsewhere, excitement was brewing about the bullish underlying metrics which have precluded the latest Bitcoin price run-up. In focus Friday was hash rate, the comeback of which has all but mitigated the impact of the May Chinese miner rout.
"Bitcoin's hash rate recovery is perhaps the most bullish chart available today," celebrated commentator Vijay Boyapati argued. "Not because price follows hash rate, but because it demonstrates the incredible resilience of the Bitcoin network, even against a nation-state attack."
Hash rate, which joins difficulty in continuing its upward path, measured an estimated 129.2 exahashes per second (EH/s) at the time of writing, already up 5 EH/s from the start of the week.
Top Cryptocurrencies with Price Predictions
| # | Crypto | Prediction | Accuracy | CVIX | Price | 24h | 7d | Market Cap | 7d price change | |
| 1 |  BTC |
Bitcoin predictions | 89.6% | 4 | $26 421.51 | 0.69% | -2.49% | $515 164 935 262 |  |
|
|---|---|---|---|---|---|---|---|---|---|---|
| 2 |  ETH |
Ethereum predictions | 90.4% | 6 | $1 608.55 | 1.03% | -0.96% | $193 404 260 269 |  |
|
| 3 |  USDT |
Tether predictions | 94.4% | 1 | $0.999198 | -0.02% | -0.10% | $83 204 412 876 |  |
|
| 4 |  BNB |
Binance Coin predictions | 90% | 4 | $211.90 | -0.49% | -1.33% | $32 600 305 684 |  |
|
| 5 |  XRP |
XRP predictions | 92% | 8 | $0.498359 | -0.81% | -3.59% | $26 568 685 202 |  |
|
| 6 |  USDC |
USD Coin predictions | 90.8% | 1 | $1.000106 | 0.01% | 0% | $25 484 408 313 |  |
|
| 7 |  STETH |
Lido stETH predictions | 93.6% | 1 | $2 941.39 | -0.40% | -3.32% | $10 258 752 564 |  |
|
| 8 |  WTRX |
Wrapped TRON predictions | 88% | 20 | $0.084461 | -0.08% | -0.25% | $8 587 616 854 |  |
|
| 9 |  ADA |
Cardano predictions | 88.8% | 8 | $0.244003 | -0.59% | -2.79% | $8 571 470 485 |  |
|
| 10 |  DOGE |
Dogecoin predictions | 93.6% | 6 | $0.060517 | -0.22% | -4.09% | $8 544 211 939 |  |
|
| 11 |  SOL |
Solana predictions | 86.8% | 22 | $19.23 | 1.51% | -4.38% | $7 935 172 917 |  |
|
| 12 |  TON |
Toncoin predictions | 60% | 84 | $2.20 | 4.15% | -7.51% | $7 554 266 462 |  |
|
| 13 |  TRX |
TRON predictions | 86.4% | 18 | $0.084721 | -0.43% | 0.02% | $7 548 172 080 |  |
|
| 14 |  DAI |
Dai predictions | 94.4% | 1 | $0.999997 | 0.03% | 0.01% | $5 347 874 970 |  |
|
| 15 |  DOT |
Polkadot predictions | 89.2% | 11 | $3.99 | -0.28% | -3.89% | $4 899 663 129 |  |
