Bitcoin Nears $50K, but an Analyst Forecasts Decline to $18K August 23, 2021 August 23, 2021 Kelly Cromley http://1AZFjzw2#Nwf63pYaMWq#xIY
Bitcoin NewsAugust 23, 2021 by Kelly Cromley

Bitcoin Nears $50K, but an Analyst Forecasts Decline to $18K

With Bitcoin inching ever closer to $50,000, it seems like it will eventually break this crucial barrier.Few hours back, the leading cryptocurrency got within $300 of the milestone, but has since somewhat retreated, although trading nearly a percentage point higher than the earlier day.

In spite of appearing to be trading ever stronger and with numerous $100,000 forecasts, one expert thinks the numero uno cryptocurrency will crash and fall below $18,000 in the months ahead.

While writing this article, Bitcoin was trading at $49,747, up ~$200 in the previous day. During that period, it reached an intra-day low of $48,281 and an intra-day high of $49,932. This was Bitcoin’s peak price since May 16, when it was falling from the historical high in April. In spite of being within striking reach, one analyst thinks the $50,000 mark will end up being a significant resistance level.

In an interview with Bloomberg, Konstantin Anissimov, the executive director of the CEO.IO exchange, stated: “For the time being, the $50,000 zone represents the next big barrier.” The current price run-up is not necessarily a sign of a significant move yet, but should more purchasers join the bandwagon, the price may breach $50,000. In that case, a panic may erupt, spurring the price to rise to the medium-term goal of $55,000.

There are many forecasts for Bitcoin, calling for a price of $100,000. Lyn Alden, the creator of Lyn Alden Investment Strategy, a research firm aimed at institutional investors, is among those who believe BTC will double in valuation. Business Insider quoted her as saying: “I believe we’re still in the early to mid-stages of its long-term trend at this point.” That continues to be the optimum risk-reward allocation, in my opinion, as a sort of “set it and forget it” allocation.

Nevertheless, not everyone is upbeat. Gareth Soloway is among many who think that, notwithstanding its market exuberance, a steep decline is on the horizon. In an interview with Kitco News, Soloway, the chief market strategist at, a capital markets research and consulting company, said, “Bitcoin will likely reach the $18,000-$20,000 level. There is absolutely no doubt in my mind.”

Specifically, Soloway thinks that in the near-term Bitcoin will first test the “head and shoulders neckline,” which he says is now around the $50,000-$52,000 mark. According to the expert, Bitcoin is following the same path it has always followed. In 2013, it rose from $100 to $1,300 before correcting to $450 and then rising again, ultimately reaching $100.

Something comparable occurred in 2017. It rose to $20,000, then fell to $11,000 before rebounding back to $17,000 before eventually bottoming out at $5,000.

“This market is mirroring the two major trends that happened in 2013 and 2017. Nothing to indicate that it is going to be different at this point.”

AuthorKelly Cromley

Kelly is our in house crytpto researcher, delving into the stories which matter from blockchains being used in the real world to new ico coming out.