The chances for Bitcoin to retake $50K seem pretty solid. After a long stagnation period of 3 months, price movement for the flagship cryptocurrency picked up the pace once again. However, the first signs of a bearish correction made an appearance on Aug 22nd this year.
In the last 24 hours, major crypto market analysis service TradingView noted that BTC reached a 3-month high of $49,830 before undergoing a correction. The first exchange to indicate this price action was Bitstamp. Over the weekend, high levels seem to stay in power, and the low price levels fail to take control of the market.
The notion that the $50K price point is inevitable for the flagship cryptocurrency has been confirmed by Rekt Capital as well. The technical analytics service for cryptocurrency markets concludes in a recent report that Bitcoin is so far doing well and ready to regain $50K. However, in the derivatives markets, there are concerns over possible corrections.
A material indicator is a futures market gauge that showed that traders tend to gather a majority on low returns in the upcoming months. Therefore, futures setups that are posing for $32K at the end of August and $34K for September are seen gaining traction.
On the other hand, there are also a lot of $50K contracts that are pointing towards a bearish sentiment rejection. PlanB is a highly sought-after Bitcoin analyst who has presented the Stock-to-flow technical indicator. He recently took to Twitter to share his two cents on the matter of a new Bitcoin ATH. He claims that for September and October Bitcoin market is set for a few harmless correction bumps that are a function of technical analytics.
Overall, he remains bullish on the flagship cryptocurrency in the longer run. Another technical analyst who goes by the pseudonymous John Wick on Twitter seems to agree with the notion. Commenting on the $50K price prediction, he claimed that if Bitcoin can get past this important resistance level, the market can become more potent for a new ATH registration in the current bull run.