More Than 25 Predictions Held! Here Are New Levels For Bitcoin Price - News-Credit-Mortgage-Coin


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Tuesday, August 10, 2021

More Than 25 Predictions Held! Here Are New Levels For Bitcoin Price


Bitcoin price seems unstoppable as it continues to rise with little or no resistance.

Bitcoin price is heading towards the green after breaking above $45,000.

On-chain data shows that the asset could rise to $50,000 with little opposition.

However, a technical indicator shows that a spike in profit taking continues.

Bitcoin price stole the crypto spotlight as its price surged more than 5.5% following Monday's opening. Given gold's significant losses over the same period, the sudden bullish impulse has surprised many investors.

Analysts: Bitcoin price targets $50,000

According to analysts, Bitcoin price seems to be heading towards $50,000 after another bullish move. Recent transaction history shows that Bitcoin is sitting above stable support. According to IntoTheBlock's IOMAP model, approximately 560,000 addresses have previously purchased more than 580,000 BTC between $43,150 and $44,540, and more than 1 million addresses have purchased 700,000 BTC for an average price of $39,650.

Source: IntoTheBlock

Such large demand barriers can have the power to control prices in the event of a sell-off without a steep correction. Moreover, Bitcoin does not have a large supply wall in front of it. The IOMAP model reveals that the only significant interest is between $48,640 and $50,000. At this price point, about 550,000 addresses hold around 361,000 BTC. The fact that the underlying demand region is more important than the overall supply area indicates that Bitcoin may move further before the next pullback.

Investors should now wait for Bitcoin price!

Despite the optimism shown by on-chain metrics, some technical indicators show no signs of bullishness. The Tom DeMark (TD) Sequential indicator gave a sell signal on Bitcoin's 12-hour chart. The bearish pattern developed as a green nine candlestick that indicates a retracement of one to four 12-hour candlesticks or the start of a new downward countdown. Now Bitcoin price looks close to taking profit according to the indicator.

Source: TradingView

Considering the IOMAP model and the TD Sequential, it is reasonable to assume that Bitcoin could see another bullish run before the 12-hour session closes. A significant increase in buy orders around current price levels could push BTC towards the $48,640-50,000 supply barrier. Around this price level, investors can expect a rejection, which sends Bitcoin to the $40,000 demand wall and confirms the outlook presented by the TD setup.

TD Sequential's predictions of over 25 altcoins and Bitcoins turned out to be correct.

TD Sequential has made very successful predictions in the market recently. The TD Sequential indicator correctly predicted Bitcoin's 2019 high at $14,000 and a bottom at $6,400. TD Sequential accurately predicted Bitcoin's most famous highs and lows, including the December 2017 high and 2018 bottom price.

This indicator also accurately predicted the end of the parabolic rally in altcoins Tezos, Chainlink, and Ethereum. The TD setup turned out to be incredibly accurate in predicting local tops in LUNA's trend. All five sell signals this indicator has presented since the beginning of the year have been confirmed and resulted in significant pullbacks. As a result, over 25 cryptocurrencies and Bitcoin predictions of the indicator have been correct in recent years.

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