Those expecting a reversal after more fast advances are watching as price levels drop one after another.
After 18 percent weekly advances, Bitcoin (BTC) topped $46,000 on Aug. 9 as macro issues failed to dampen enthusiasm.
BTC/USD was trading above $45,500 at the time of writing on Aug. 9 according to data from TradingView.
After reaching overnight highs, Bitcoin fell as the new week began, but rapidly recovered to reach a three-month high of $46,000.
Analysts were bullish on future swings for BTC/USD, despite the fact that a correction has yet to occur.
PlanB, the inventor of the stock-to-flow BTC price model, was one among them.
He summarized Bitcoin's price performance after each block subsidy halving event to Twitter followers, alongside a graphic depicting BTC's price performance after each block subsidy halved event.
“We've been waiting for the second leg of this bull market for 16 months since the halving (red line).”
Kraken's growth head Dan Held compared the action to that of Bitcoin in 2013, when the cryptocurrency suffered a significant drop from one all-time high before hitting a second, far greater peak later that year.
Concerns about the approaching vote on a measure that might change tax regulations for bitcoin businesses in the United States failed to damper the mood and instead appear to have functioned as a stimulus for price gains.
Similarly, crypto markets avoided a major drop in gold on Aug. 9, which fell to its lowest level in four months.
“It was seeded during the 2008 financial crisis and matured through the Covid financial crisis. The amazing part is that Bitcoin is only getting started.”
When it came to on-chain fundamentals, BTC pricing was still playing catch-up, with a lot of work to do to meet inferred mood.
New data reveals that Bitcoin isn't beginning a bear cycle akin to that of 2018, as BTC aims for $45K.
Analyst William Clemente highlighted the "biggest difference" between the two occurrences "playing out in real time" in several posts on Aug. 9.
According to him, a target of $57,000 has emerged from the modeling of tops and bottoms, and if this is successfully regained, $92,000 will be next.
“If that level is recaptured, I'll be aiming for the top price model, which is now $175K,” he continued.
Over the weekend, moving averages that had eluded Bitcoin in recent weeks, including the $42,500 range high, were abruptly overturned.
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