Bitcoin needs to hold $50K to avoid a $44K bearish BTC price target

Bitcoin (BTC) could jump to $58,000 or dive to $44,000 from its current levels, an analyst warns as $50,000 sees a “very healthy retest.”

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

Hedging bets against a “swift downwards move”

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD fluctuating around the $51,000 mark on Sept. 7, after losing $2,000 in two hours earlier in the day.

Overnight, the pair hit fresh highs of nearly $53,000, coinciding with bullish momentum on the back of El Salvador becoming the first sovereign state to officially adopt Bitcoin as a currency.

Now, $50,000 is once again a deal-breaker for bulls and bears alike, says Cointelegraph contributor Michaël van de Poppe.

Specifically, Bitcoin needs to hold the area between $49,500 and $50,000 in order to preserve its trajectory.

“If that is holding, we’re going to look at $58,000 next,” he said in his latest YouTube update.

“If it doesn’t hold, I’m going to look at $44,000 next, as there might be a swift downwards move.”

Van de Poppe added that there was no reason for concern at levels above $50,000, regardless of Tuesday’s volatility, which he argued constitutes a “very healthy” move after the breakout.

“Retest is now in progress,” fellow trader and analyst Rekt Captial echoed, highlighting a “key” area to hold at around $50,300.

Ethereum lines up BTC support test

Meanwhile, altcoins continue to lick their wounds after outdoing Bitcoin at losing recently-gained levels.

Related: Price analysis 9/6: BTC, ETH, ADA, BNB, XRP, SOL, DOGE, DOT, UNI, LINK

Out of the top ten cryptocurrencies by market cap, Solana (SOL) remained the sole green performer on the day, in sharp contrast to other tokens.

READ ALSO:  ZoloUs Review 2020: Is The New Website Legit Or Scam?

Ether (ETH) could be in line for a retest of $3,400 if $3,700 is lost, Van de Poppe said about the largest altcoin. Against BTC, it could likewise retest the recently-reclaimed 0.071 level.

ETH/BTC 1-day candle chart (Bitstamp). Source: TradingView

Cardano (ADA) saw a modest recovery after falling to $2.58, still down 6.7% on the day at the time of writing and 15% versus its recent all-time highs.

Oladimeji AbubakarSeptember 7, 2021

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the authorOladimeji Abubakar

Hi, I’m Oladimeji Abubakar, a young Nigerian blogger and writer.
I’ve special interest in making money online just like many other people and this is why I chose the review niche where I’d get to show people the websites to join and the ones not to. I hope my reviews helps😀.

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