The price of Bitcoin has been on an uneven edge since its first try to breach the price of $50,000 failed on August 23rd. The subsequent attempts seemed to slice through briefly through this hurdle but could not sustain over it. Today we will see a Bitcoin weekly forecast.
Bitcoin Adoption By Market Giants
The adoption of Bitcoin seemed to go well despite the May crackdown or the falling market that followed. There are many nations that are warming up to BTC in one way or another, which has created 2 fractions.
The financial giant, JP Morgan, seemed to carry qualities of both these fractions. In a current report, that analyst of the bank pointed out the current increase in altcoins and the craze around non-fungible tokens. The analyst said,
“The share of altcoins looks rather elevated by historical standards, and in our opinion, it is more likely to be a reflection of froth and retail investor ‘mania’ rather than a reflection of a structural uptrend.”
Despite this situation, big institutions like Twitter or MicroStrategy still support Bitcoin. The beta update that Twitter released recently includes a tipping feature that enables the users to tip BTC.
Bitcoin Weekly Forecast September 2021: The Barrier Before $60,000
As per Bitcoin price forecast 2021, the value of Bitcoin kick-started a huge uptrend on July 21 at $29,000, and within less than a month it reached $48,000. After attaining a local top, Bitcoin started to consolidate and tried to breach the psychological level of $50,000 thrice, but each time it failed.
Presently, the pioneer of digital currency is slightly above $49,000 (Bitcoin forecast today is $49,681) and requires to flip the resistance level of $51,483 into a demand barrier. Doing so can fuel the upswing to close $57,000 as per the Bitcoin price prediction for 2021.
During the crash of May 12, BTC quickly shifted lower, building a gap known as the “fair value gap.” Markets often stop this gap and can be taken as a reversion to the mean. Hence, a conclusive close above $51,483 can be a bullish outlook.
Another thing to include in the Bitcoin weekly forecast is that this upswing being optimistic can attract retail investors to a great extent. This will formulate a positive feedback loop and will also push Bitcoin to reset to the next psychological level of $60,000. As per the bitcoin price prediction, by the end of 2021, in a highly bullish scenario, there might be a reset of the all-time high of $64,854.
Now is the low risk to collect Bitcoin as the supply and the demand factors are at the play point towards a prevailing bull market of 2022. The majority of crypto enthusiasts expect a bear market in the next year. However, the on-chain structure of the long run does not support this criterion.
As per the Bitcoin weekly forecast, it can be predicted that for the Bitcoin price, the metric of the on-chain is pointing towards an optimistic upswing. Mixing this with the technical facts that hint at an increase to $60,000, it looks like that Bitcoin is ready for an explosive shift.
While things may look bullish for the price of Bitcoin, a failed attempt to break past $50,000 that takes to a pullback to $46,000 will raise concern in the market. However, if Bitcoin falls below $44,705, it will invalidate the bullish dimension that we have been looking at so far.