Bitcoin needs to hold $50K to avoid a $44K bearish BTC price target

Bitcoin needs to hold $50K to avoid a $44K bearish BTC price target


Bitcoin (BTC) could jump to $58,000 or dive to $44,000 from its current levels, an analyst warns as $50,000 sees a “very healthy retest.”

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewHedging bets against a “swift downwards move”

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD fluctuating around the $51,000 mark on Tuesday after losing $2,000 in two hours earlier in the day.

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Overnight, the pair hit fresh highs of nearly $53,000, coinciding with bullish momentum on the back of El Salvador becoming the first sovereign state to officially adopt Bitcoin as a currency.

Now, $50,000 is once again a deal-breaker for bulls and bears alike, says Cointelegraph contributor Michaël van de Poppe.

Specifically, Bitcoin needs to hold the area between $49,500 and $50,000 in order to preserve its trajectory.

“If that is holding, we’re going to look at $58,000 next,” he said in his latest YouTube update.

“If it doesn’t hold, I’m going to look at $44,000 next, as there might be a swift downwards move.”

Van

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