Bitcoin (BTC) swiftly reclaimed $50,000 on Sep. 2 as bears felt maximum pain and lost hundreds of millions of dollars.
BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView
Bitcoin sparks a fresh bear bloodbath
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD suddenly breaking through the $50,000 mark to hit its highest since Aug. 23.
After a night of bullish action, the pair left its lower trading range of recent weeks behind, with volatility still significant at the time of writing. Local highs topped $50,300 on Bitstamp.
As Cointelegraph reported, $51,000 remains the level to beat in order to cement a continuation of the 2021 Bitcoin bull run.
Heavy resistance remained at that level Thursday, with analysts waiting to see if the latest uptick had the momentum required to change the longer-term paradigm.
BTC/USD buy and sell positions (Binance) as of Sep. 2. Source: Material Indicators/ Twitter
“Bitcoin facing final hurdle before $57K,” Cointelegraph contributing analyst Michaël van de Poppe tweeted in his latest update.
“Welcome back to $50,000 BTC,” fellow analyst Rekt Capital added.
Short traders lost out heavily from the upside, liquidations hitting almost half a billion dollars in the past 24 hours.
BTC/USD liquidations chart. Source: Bybt
Not so boring after all
As Cointelegraph noted, September tends to be a “boring” month when it comes to Bitcoin returns, with 6% currently the best performance on record.
Related: ADA price hits $3 for the first time as Cardano, Ethereum lead crypto ‘super bull cycle’
Price forecasts take account of the anomaly, with the popular “worst-case scenario” series from stock-to-flow model creator PlanB calling for a $43,000 minimum monthly close.
Will August indeed close >$47K?
Btw these are worst case / floor estimates, so do not worry about Sep >$43K, my base case prediction is based on S2F: $100K. I use the floor stuff for options. pic.twitter.com/HGXa5MMqH0
— PlanB (@100trillionUSD) August 31, 2021
The statistician’s August monthly close prediction, $47,000, was exactly on point. October, he calculates, should close at a minimum of $68,000 — a new all-time high.