Here’s what traders expect now that Bitcoin price has risen back to $ 50,000

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August 23rd was celebrated across the crypto ecosystem after the sight of Bitcoin (BTC) surged back above $ 50,000.

Data from Cointelegraph Markets Pro and TradingView show that early morning bullish momentum, which pushed BTC price to an intraday high of $ 50,514, began to wear off as the day progressed, while the price is currently slightly above 49, $ 0 is traded.

BTC / USDT 1-day chart. Source: TradingView

The following could potentially come next for the price of Bitcoin, according to analysts, as it is back near the psychologically important $ 50,000 level.

Low volume indicates a short-term pullback

Bitcoin’s rally to $ 50,000 led many to believe that the price will only rise from here, but Decentrader analysts warned a word of caution as the lackluster volume during the recent move could be a signal that that the price may need to be regrouped to lower levels of support.

BTC / USD 1-day chart. Source: Twitter

As noted by Decentrader, there wasn’t enough volume during this recent move to push BTC price above $ 52,000 and now it looks like a pullback to $ 48,000 or possibly lower could be in the cards, as the bulls take a break and regroup higher before their next burst.

Decentrader analysts identified $ 44,000 and $ 41,000 as support levels to watch for should the price of BTC take a bearish dip.

Accumulation near $ 49,200 is expected

The prospect of a near-term pullback was also highlighted by pseudonymous cryptocurrency analyst Crypto_ED_NL, who is now looking for price to see a significant pullback below $ 50,000.

Based on the chart provided, Crypto Ed identified the area between $ 49,100 and $ 49,300 as a good zone for traders to try to take long positions.

Related: Bloomberg strategist explains why 30-year US bonds have “bullish effects” on Bitcoin

$ 75,000 by the end of the year

A more optimistic view of the current price action was provided by the pseudonymous Twitter user “RookieXBT”, who posted the following tweet calling for the BTC price to reach USD 75,000 by the end of the year.

In a follow-up tweet, RookieXBT stated that “nodules almost never work as drawn,” but the overall idea is that BTC “will hit a new all-time high before the end of the year”.

RookieXBT said:

“In the period that Bitcoin is spending between $ 50,000 and $ 60,000, I believe Ethereum is breaking its all-time high after lagging during the initial upward move.”

The total market cap for cryptocurrencies is now $ 2.142 trillion and the dominance of Bitcoin is 43.4%.

The views and opinions expressed are those of the author only and do not necessarily reflect the views of Cointelegraph.com. Every step of investing and trading involves risk, so you should do your own research when making a decision.