02.09.202116:05 Forex Analysis & Reviews: Bitcoin: Voila! Forecast worked out, update the targets

The technical analysis and forecast for bitcoin worked perfectly. BTC/USD rose in the range between the August 26 low and the August 23 high ($46,000 - $50,000 per coin). The main cryptocurrency has again hit the $50,000 mark.

Meanwhile, on-chain statistics show that the balance of bitcoins on the leading cryptocurrency exchanges is declining again. Recent reports from Glassnode show that there has been a massive outflow of BTC from Coinbase in recent days.

Now the level of the total bitcoin balance of the Coinbase crypto exchange has decreased to the lowest values since the end of 2017 and reached 700,000 BTC.

According to Coinbase, bitcoin has grown by almost 6% over the past day, but at the time of this writing, it has lost some of its positions, showing +4.93%. The market capitalization of the cryptocurrency reached approximately $940 billion.

BTC's dominance in the cryptocurrency market has jumped more than 2% in the last 24 hours. BTC now accounts for almost 44.8% of the total cryptocurrency market capitalization, up from 42.5% on Wednesday.

One of the main reasons for the latest bullish rally in BTC was the sharp increase in the exchange outflow of bitcoins.

The demand for the main cryptocurrency has grown significantly over the past 2 days due to the recent decline in the bitcoin supply ratio. More than 40,000 coins have been accumulated on large BTC addresses containing from 100 to 10,000 BTC over the past week.

The total number of active BTC addresses has skyrocketed in the past few days since the last price spike. Commenting on the activity of the Bitcoin network and the price dynamics of the main cryptocurrency, the Santiment network analytics platform noted:

"Bitcoin's long-awaited return to $50,000 is finally here, with good networking support. On Wednesday, the number of active addresses reached the 4th best day in 4 months, and the turnover of tokens reached the highest daily mark since the end of July. "

Now the main question that worries the market is where Bitcoin will go next and when such a long-awaited growth will begin. We will not abandon the technical analysis in this case as well. On the daily chart, a sideways trend is clearly visible between the August 26 lows and the August 23 highs: the corridor 46,299.48-50,513.53, marked with blue dashed lines. There are two scenarios here: an attempt to go up, consolidating above the psychological level of $50,000, or a rebound of bitcoin sideways down.

In the first case, the nearest target will be the zone of 52,000.18-52,929.55, and after passing through it, it will be possible to speak of growth to the historical maximum. But if BTC/USD turns sideways at 46,299.48-50 513.53 down, the consolidation before the next impulse may be delayed.