Cryptocurrencies: What are analysts expecting now that Bitcoin has passed $50,000?

Bitcoin grow up again

Bitcoin (BTC) rose slightly during the week of August 16-22, creating its fifth consecutive advance for the week. During the year it had already reached these values ​​on three occasions.

The price of Bitcoin once again exceeded $50,000, something that had already happened on several occasions during this 2021. Despite the registered increase, TradingView analysts assure that the charts show “mixed signs” and the $50.000 could be a resistance.

The daily chart shows that BTC is approaching a crucial resistance level at $51,200. Similar to the weekly chart, the technical indicators are showing signs of weakness despite the bullish price action. On the forward move, if a downward move occurs, the main support levels would be at $42,300 and $38,000.

“That the price of bitcoin has exceeded, again, the USD 50K of valuation is not something that surprises the industry. It has ceased to be news because it is a figure that reached first in February, then in March and again in April. Today it surpasses it again after growth of more than 60% from July lows,” added Bitpanda’s Country Manager for Spain and Portugal.

“Those investors who trusted cryptocurrencies months or years ago will remember 2021 with a big smile because at the same time that the assets are consolidated, their volatility and the opportunity for revaluation are reduced, which in any case has proven to be greater than any other available asset. In any case, it still maintains enough volatility to offer windows of opportunity like the one registered during the last two-month period from May to July, in addition to maintaining growth potential with limits not yet known,” he said.

“In addition, not only Bitcoin is growing. Ethereum is increasingly strengthening its position while other cryptocurrencies such as Cardano, Chainlink or Polkadot are giving joy to their investors,” he added later. After the price surpassed $50,000, Coinbase and the shares of other companies linked to cryptocurrencies are on the rise. Coinbase traded 3% higher, Riot Blockchain (RIOT) jumped 6.2%, and Marathon Digital (MARA) gained 7.4%. MicroStrategy (MSTR), one of the largest investors in Bitcoin among listed companies, was up almost 5%.