Those expecting a retracement after further rapid gains look on as one price level after another tumbles.

Bitcoin (BTC) hit $46,000 on Aug. 9 as macro factors failed to dent enthusiasm after 18% weekly gains.

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

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD trading above $45,500 at the time of writing Monday.

After reaching local highs overnight, Bitcoin saw a comedown as the new week began, but this quickly U-turned to produce a three-month peak of $46,090.

With a correction yet to kick in, analysts were firmly bullish on coming moves for BTC/USD. Among them was PlanB, creator of the stock-to-flow BTC price model.

“Bitcoin at $46K,” he summarized to Twitter followers alongside a chart of price performance after each block subsidy halving event.

“We are 16 months after the halving (red line), awaiting the second leg of this bull market.”

BTC/USD halving price comparison chart. Source: PlanB/ Twitter

Kraken growth lead Dan Held argued that the action was reminiscent of Bitcoin in 2013, when it saw a considerable comedown from one all-time high only to go on to hit a second, much larger peak in the same year.

“So far a correction doesn't exist for Bitcoin,” Cointelegraph contributor Michael van de Poppe added.

As Cointelegraph reported, concerns over the incoming bote on a bill which could shake up tax requirements for cryptocurrency businesses in the United States had failed to dampen the mood, instead appearing to act as a catalyst for price gains.

Crypto markets likewise sidestepped a sudden dramatic dip for gold Monday, which briefly dipped to its lowest in four months.

“Bitcoin's journey to becoming Gold 2.0 has been beautiful,” Held said.

“It was planted during the '08 crisis and came of age during the Covid crisis. The crazy thing is, Bitcoin is just getting started.”

Analyst: Bitcoin is repairing "largest divergence" to fundamentals

Crossing over to on-chain fundamentals, and it was a game of catch-up for price which still had a lot to do to match implied sentiment.

In various posts Monday, analyst William Clemente highlighted the “largest divergence” between the two phenomena “playing out in real time.”

Based on modelling of tops and bottoms, a target of $57,000 has emerged, he said, and should this successfully be reclaimed, $92,000 will be next.

“If that level is then reclaimed, would be targeting top price model which currently sits at $175K,” he added.

BTC/USD top/bottom model compilation chart. Source: William Clemente/ Twitter

Moving averages which had evaded Bitcoin in recent weeks were suddenly flipped over the weekend, among them the $42,500 range high.


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Recommended content


Recommended Content

Editors’ Picks

Bitcoin Weekly Forecast: BTC nosedives below $95,000 as spot ETFs record highest daily outflow since launch

Bitcoin Weekly Forecast: BTC nosedives below $95,000 as spot ETFs record highest daily outflow since launch

Bitcoin price continues to edge down, trading below $95,000 on Friday after declining more than 9% this week. Bitcoin US spot ETFs recorded the highest single-day outflow on Thursday since their launch in January.

More Bitcoin News
Bitcoin crashes to $96,000, altcoins bleed: Top trades for sidelined buyers

Bitcoin crashes to $96,000, altcoins bleed: Top trades for sidelined buyers

Bitcoin (BTC) slipped under the $100,000 milestone and touched the $96,000 level briefly on Friday, a sharp decline that has also hit hard prices of other altcoins and particularly meme coins. 

More Bitcoin News
Solana Price Forecast: SOL’s technical outlook and on-chain metrics hint at a double-digit correction

Solana Price Forecast: SOL’s technical outlook and on-chain metrics hint at a double-digit correction

Solana (SOL) price trades in red below $194 on Friday after declining more than 13% this week. The recent downturn has led to $38 million in total liquidations, with over $33 million coming from long positions.

More Solana News
SEC approves Hashdex and Franklin Templeton's combined Bitcoin and Ethereum crypto index ETFs

SEC approves Hashdex and Franklin Templeton's combined Bitcoin and Ethereum crypto index ETFs

The SEC approved Hashdex's proposal for a crypto index ETF. The ETF currently features Bitcoin and Ethereum, with possible additions in the future. The agency also approved Franklin Templeton's amendment to its Cboe BZX for a crypto index ETF.

More Cryptocurrencies News
Bitcoin: 2025 outlook brightens on expectations of US pro-crypto policy

Bitcoin: 2025 outlook brightens on expectations of US pro-crypto policy

Bitcoin (BTC) price has surged more than 140% in 2024, reaching the $100K milestone in early December. The rally was driven by the launch of Bitcoin Spot Exchange Traded Funds (ETFs) in January and the reduced supply following the fourth halving event in April.

Read full analysis
Best Forex Brokers with Low Spreads

Best Forex Brokers with Low Spreads

VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.

Read More

BTC

ETH

XRP