Bitcoin’s Price has Dropped Below $46K, yet Many are Predicting new all-Time Highs

A drop below $46,000 has minimal effect on sentiment, with a longer-term outlook supporting a showdown with $60,000 and upwards.

On Aug. 15, Bitcoin (BTC) hit a low of around $45,600 as a second round of resistance rejection played out.

Image Source: CoinTelegraph

Analysts eye BTC attack on all-time highs

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD giving up $46,000 overnight on Saturday after an earlier failed breakout. 

As Cointelegraph reported, bulls had run out of steam during an attack on a major sell wall holding Bitcoin back from $50,000.

The U-turn sparked a more fragile mood for Sunday, with daily losses sitting at 4% at the time of writing.

“This area is to me the major boss and hurdle to climb,” popular Twitter trader Pentoshi warned, adopting a bullish view on higher timeframes.

BTC/USD, he added, had almost completed preparation for a rematch of all-time highs in a zone above resistance at $50,000 and higher.

“I still believe for now it will be a Short term LH on the micro before we go for that upper range.”

Fellow trader, analyst and Cointelegraph contributor Michaël van de Poppe likewise hinted about a longer-term moment of reckoning potentially appearing soon.

“Bitcoin is inside the higher timeframe resistance,” he tweeted Saturday.

“Next week will be the important week, I think.”

Buy and sell levels on major exchange Binance showed the $48,000 sellers still firmly in place, with support amassing at $45,000 after the modest leg down.

Image Source: CoinTelegraph

Cardano puts a halt to a strong rise

Bitcoin has a noticeable ripple impact on prominent altcoins.

While many of the top fifty cryptocurrencies by market cap saw their gains canceled out or were only marginally positive over the course of a day, the top five all fell in lockstep with BTC.

As the weekend began, Cardano’s ADA token, which was the standout with XRP, fell from multi-month highs to hover around $2.10.

“Would I be buying Cardano here? No,” Van de Poppe cautioned prior to the dip.

“Do I expect Cardano to be gaining value in the coming months/years? Yes.”

Market participants predict altcoin chances to grow in the next months, with a particular focus on DeFi coins.

Source: CoinTelegraph

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