- The Bitcoin price continued to push higher and is marginally up during the current session.
- BTC has been quite bullish and had pushed up by over 4% on Tuesday.
The Bitcoin price has posted a marginal recovery during the current session, as sellers look to push BTC above $49,000 during the current session. BTC had pushed up by 2.41% on Saturday but fell back in the red on Sunday, dropping to $46,657. Monday saw BTC at $46,470 before rising by over 4% on Tuesday and settling at $48,885. The current session sees BTC up marginally, with buyers and sellers vying for control.
Bitcoin Price Chart Indicates BTC Could Push To $49,000
The Bitcoin price started the previous week on an extremely bearish note, dropping by over 6% on Monday, slipping below the 200-day SMA, and settling at $46,885. However, BTC was back in the green on Tuesday, pushing back above the 200-day SMA and settling at $45,409. Wednesday saw BTC continue to push up, rising by 0.86% and settling at $48,825. Despite the bullish sentiment, the price fell back on Thursday, falling by 2.43% and settling at $47,638. BTC continued to drop on Friday, falling by over 3%, slipping back below the 200-day SMA and settling at $46,131.
Image: BTC/USD daily
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After falling to $46,131 on Friday, the Bitcoin price made a strong recovery on Saturday, as it pushed back up to $47,243. However, Sunday saw the price fall back in the red as BTC fell to $46,657. Monday saw BTC settle at $46,740 before rising by 4.59%, pushing above the 200-day SMA and settling at $48,885. The current session sees buyers and sellers vying for control, with the price down marginally. We can see that the Parabolic SAR is currently bearish, indicating that the price could drop further.
Looking at IntoTheBlock’s IOMAP for the Bitcoin price, we can see that BTC has strong support at around $48,159. At this price level, over 2.8 million addresses have bought more than 1.3 million BTC.
Image: IntoTheBlock
Looking at the 4-hour Bitcoin price chart, we can see that BTC had dropped to $46,126 on the 18th. The price pushed up significantly from this level, rising to $47,118 and then pushing above the 20-bar SMA and settling at $47,761. The price fell back from this level, falling back below the 20-bar SMA and dropping to $45,952 on the 20th. BTC surged from this level as it moved back above the 20 and 50-bar SMAs, moving to $47,954 and then rising to $49,216 before dropping to its current level of $48,820. We can see that the Parabolic SAR and MACD are still bullish, indicating that we could see the price push higher.
Image: BTC/USD 4-hour
PlanB Gives Further Bitcoin Price Analysis
Quantitative analyst PlanB recently said that Bitcoin would experience a severe bear market despite claims to the contrary by other experts.
In a new interview on business and investment YouTube channel FamilyOffice, PlanB highlighted a few signals telling him that Bitcoin will eventually venture deep into bear territory.
“First of all, I’m one of the few that indeed thinks that there will be a next bear market, a crash like we’ve seen a couple of times before. A lot of people right now are saying that we are done with the four-year cycle, and we will not have that kind of volatility and that kind of deep bear markets anymore.
I think we will have those bear markets. You can see it in the option prices. It is priced in at 100% volatility. A couple of months ago, when China abandoned [Bitcoin] mining, we went down 50% or more. So we almost had it. We had a crash of 50% right there. So that tells me that 80% [correction] when something really big happens is not out of the question yet.”
PlanB noted that the next crash is likely to happen after Bitcoin reaches the price targets of his stock-to-flow (S2F) and stock-to-flow cross-asset (S2FX) models. The stock-to-flow model predicts an asset’s price by dividing the existing supply with the new supply entering the market annually.
Meanwhile, the stock-to-flow cross-asset model (S2FX) looks at Bitcoin’s phase transitions from proof of concept to a financial asset to evaluate BTC. The analyst concluded that FOMO (fear of missing out) and greed is not likely to exit the crypto space.
"If we for example hit the $100,000 level a couple of months from now… people will FOMO in, and it will go up. Then after that, something horrible happens: another ban, another China ban or India ban or something. Everybody’s scared again and the fear sets in. So I guess that fear and greed is never going away in Bitcoin.”
Bitcoin Price Is Expected To Reach These Levels
Looking at the Bitcoin price chart, we can see that the current session is seeing buyers and sellers vying for control of the current session. If buyers retain control of the session, BTC could push to $49,000. However, if sellers retain control, we can expect BTC to drop to $48,500.