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$40,000 per BTC next week? No, it will go to $50,000!

Where is Bitcoin heading to? $50k or $40k? We know it for sure! Check out BTCNEXT’s price analysis for more exciting details.

18–31 August main events

  • Unwanted fork on the Ethereum network. On Friday August 27th, more than 450 blocks of the network were reorganized. The fork affected nodes running on the Geth client. The exploitation of a critical vulnerability was the cause.
  • The Poly Network hacker returned all the money back. The user who attacked the Chinese Internet protocol Poly Network provided the key to the multi-sig wallet and returned the remaining $141 million.
  • Binance and investments. The crypto exchange is considering raising money from government funds in Singapore, with an estimate of $200 billion.
  • The SEC will start tracking DeFi transactions. The US Securities and Exchange Commission (SEC) has entered into an agreement with analytical company AnChain.AI to monitor and regulate the decentralized finance (DeFi) sector.

Price analysis

Bitcoin has tested resistance in the $50,200-$52,000 range for the first time since the May drop. This is a great sign of a long-term continuation of the uptrend. At the moment, the $46,900-$46,000 zone is giving us good support, but there is no new support on the daily timeframes yet. The price is still above the uptrend line. 1D resistance zone $50,293-$52,236 is still not broken.

The Bitcoin price has left the buffer zone and is aiming for local support at $46,800-$46,000. A decrease to $45,000 is possible and to a range of $41,950-$43,000, with the prospect of a squeeze to $40,000.

The Fear and Greed Index dropped by 5 points, from 78 to 73. Funding has dropped to 0.01 and we still have an advantage towards longs. The deposits of coins in the exchanges stopped and the flat began. All this indicates overheating in the market — the upcoming correction is only a matter of time.

A fall to $43,000-$40,000 looks more likely. We also must watch the resistance $49,300-$49,950 — if we push through this resistance, then we focus on growth to $51,070, $51,450 and $52,350. And if we confidently gain a foothold above $52,000, then the growth will continue to $57,000. But do not forget about the market overheating and the imminent correction by 15–20%.

That’s all! If you want to continue receiving price analyses — stay tuned for more BTCNEXT updates!

To learn more about BTCNEXT, visit our official Website.

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