Report: fork on Bitcoin (BTC) road

Sat 14 Aug 2021 ▪ 16h33 ▪ 3 min read — by Rudy Bauer

Bitcoin is approaching a crucial point. Either the resistance level will be broken or BTC will bounce back down to a minimum of $43,000. However, if it does fail, the damage to buyers will be critical and we’ll witness a fun slide down to $35,000 or even to $25,000.

Chances for BTC to move forward

Now for the good news! In the last few weeks, even though buyers weren’t too active, every time a key point got approached, money suddenly appeared on the market and the price went higher. This could continue in the upcoming weeks as well.

In that scenario, we are in for a fascinating ride towards $60,000, which ends up with Cup-and-Handle pattern, when the price corrects some of its previous uptrend and then rebounds back to its initial high, forming a ‘cup’ and signaling a bullish trend. The price then trades sideways, creating a ‘handle’ that will be followed by a new high.

A resistance breakdown will spur a true market euphoria, which may promptly get us to $80,000. Those who hesitate will miss this stop and get the $100,000 deal.

Greed could be a trap

According to the Crypto Fear & Greed Index, greed has been ruling the market all week, which proves people are ready to come and buy. However, it may turn out as a trap. While some are willing to get coins for any price, others are actively selling. Big players will supposedly strive to drive the over-excited bulls with leveraged positions into liquidation. In that case, extreme greed and mass positions liquidation will surely take BTC to the bottom of the chart.

A strong turnaround of the Bitcoin price is very likely, however, the reverse also seems possible. Let’s see how the market reacts in our upcoming reports.

Subscribe to our daily and weekly newsletter service to receive a digest of the latest news in the cryptosphere and never miss out on any of the Cointribune's highlights!

Rudy Bauer avatar
Rudy Bauer

Photographe, Vidéaste, webdesigner et enfin rédacteur pour CoinTribune: l'image, le digital et la blockchain sont mon dada.


The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.

Prices & Indices

BITCOIN (BTCUSD) $23,392.00 0.22%
ETHEREUM (ETHUSD) Ξ $1,874.00 2.13%
DEFI (DEFIPERP) $3,417.50 0.49%
MARKETS (ACWI) $92.00 -0.03%
GOLD (XAUUSD) $1,758.41 -0.18%
TECH (NDX) $13,506.00 0.26%
CURRENCIES (EURGBP) £0.845390 0.02%
CRUDEOIL (USOIL) $90.37 3.54%
IMM. US (REIT) $2,638.25 -0.7%
The percentage expresses the change over the past 24 hours BUY CRYPTOS WITHOUT RISK
Crytocurrency Guides
You must complete the form to receive your document.
Our Partners
Crypto.com Logo Crypto.com The cryptos banking app- Visit
OVR The Metaverse Platform- Visit
Bybit The cryptos trading platform- Visit
Sorare Logo Sorare The Worldwide fantasy football- Visit
Huobi logo Huobi Digital Asset Exchange- Visit
Etoro Logo eToro The social trading platform Disclaimer : 67% of retail CFD accounts lose money Disclaimer: 78% of retail CFD accounts lose money - Visit
SandBox Logo TheSandbox Community-driven blockchain game - Visit
Koffy logo Koffy Web3 news aggregator powered by AI!- Visit