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Here are the BTC price levels to watch as $38K emerges as bulls' line in the sand


13 Sep 2021   #Bitcoin

A weekly close much below current levels would be a problem, analysis warns, as key moving averages hang in the balance. Bitcoin (BTC) needs to retain two key moving averages in order to stay bullish, but is failing, fresh analysis shows. In its latest market update on Sept. 10, trading platform Decentrader warned that bulls do not have the upper hand much above current price levels.

A "golden cross" like any other?

Bitcoin has drifted lower into the weekend, at the time of writing sitting near $45,500. This is below the significant 200-day moving average (MA) and barely above the 50-day MA. For Decentrader’s Filbfilb, these would need to be reclaimed in order to fuel continuation of the bull run. “For Bitcoin to remain bullish, these two moving averages will need to be maintained, with any price action lower being intraweek – a weekly close below the 50 DMA would not be attractive, particularly if the 20 Week moving average is also lost (yellow line currently around $42k),” he summarized. The 50 and 200 DMA were on the way to printing a “golden cross,” traditionally a bullish signal, but this week’s dramatic sell-off may yet derail the process.

“The selloff came amidst a pending ‘Golden Cross’ where the 50 DMA crosses above the 200 DMA,” Filbfilb continued. “This is often seen as being a very bullish sign for the market and typically for Bitcoin, we see dumps into ‘Golden Crosses’ and pumps into ‘Death Crosses’, So on this basis alone, the pullback wasn’t too much of a surprise.”

Should bulls need more impetus to enter, $38,000 — the site of the 61.8% Fibonacci retracement level from $64,500 all-time highs — may yet provide the ultimate line in the sand in the case of a more intense BTC price correction.

$60,000 coming "early in Q4"

As Cointelegraph reported, longer-term bullishness among analysts has changed little despite this week’s events. September is already tipped to be a lackluster month based on historical patterns, but beginning next month, BTC price action is widely anticipated to change dramatically.

“We are anticipating the $60k level to be retested sometime early in Q4, which will likely provide another correction with a final push to all-time highs towards the end of the year,” Filbfilb added.

These all-time highs could focus on the $100,000 mark, in line with end-of-year targets from other sources.


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Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap Volume 24h
1 Bitcoin (BTC) BTC Bitcoin predictions 86.4% 24 $48 068.38 -0.43% 2.90% $904 552 592 109 $30 966 097 189
2 Ethereum (ETH) ETH Ethereum predictions 72% 52 $3 564.24 -1.78% 3.14% $418 997 277 161 $18 764 428 420
3 Cardano (ADA) ADA Cardano predictions 68% 64 $2.43 -1.86% -4.99% $77 762 171 546 $3 085 080 557
4 Binance Coin (BNB) BNB Binance Coin predictions 63.6% 70 $423.38 -1.83% -1.23% $71 186 613 232 $1 670 523 937
5 Tether (USDT) USDT Tether predictions 96% 1 $1.000511 0.01% 0.05% $68 288 855 645 $74 100 163 467
6 XRP (XRP) XRP XRP predictions 70.4% 55 $1.096014 -2.04% -3.72% $51 098 642 600 $2 972 959 907
7 Solana (SOL) SOL Solana predictions 58.4% 89 $149.74 -5.57% -21.61% $44 447 194 000 $3 259 409 601
8 Polkadot (DOT) DOT Polkadot predictions 59.2% 83 $36.69 2.33% 14.49% $36 235 518 897 $2 308 494 829
9 Dogecoin (DOGE) DOGE Dogecoin predictions 69.2% 65 $0.257382 4.84% 0.32% $33 796 922 711 $1 760 021 804
10 USD Coin (USDC) USDC USD Coin predictions 92% 1 $1.000184 0.01% 0.02% $29 237 308 733 $2 846 778 419
11 UniSwap (UNI) UNI UniSwap predictions 69.6% 56 $25.95 -4.24% 8.79% $15 869 589 993 $590 249 626
12 Terra (LUNA) LUNA Terra predictions 66.4% 67 $36.55 0.26% 12.35% $14 691 406 586 $1 543 465 878
13 Avalanche (AVAX) AVAX Avalanche predictions 67.6% 69 $64.75 9.96% 46.82% $14 264 323 937 $2 618 327 427
14 Chainlink (LINK) LINK Chainlink predictions 73.6% 56 $30.07 -4.45% 3.96% $13 594 035 693 $1 522 191 986
15 Binance USD (BUSD) BUSD Binance USD predictions 90.8% 1 $1.000216 0.01% 0.02% $12 747 588 570 $6 369 639 162

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