Bitcoin: Weekly Forecast 8th August 2021

by David

Bitcoin has turned out just the way we have forecasted, pulling back at first and eventually forming another bullish wave.

It has even broken above key resistance level at 42000 over the weekend and will certainly invite more buyers at this point.

However, Bitcoin is about to face the real challenge, the key supply zone around the price of 50000.

Although we've seen how strong the recent rebound was, we have past record showing us the same kind of rebound after a major selloff which eventually led to another round of selloff.

While we cannot guarantee that the same could happen, Bitcoin could still be fundamentally too soon for the next major bullish trend .

We think that Bitcoin is still too expensive for another 'big players' to make 'big purchases' at the moment.

As such, we are waiting for the price to climb a little further into the supply zone at 50000 for the next major selling opportunity.