Bitcoin is Flirting with $50K ($BTC)

September 3, 2021

Bitcoin is Flirting with $50K ($BTC)

Etherum ($ETH) is pushing to new all-time highs. However, Bitcoin ($BTC) maintains a commanding lead in terms of market cap and sway over the crypto market.
The $50,000 price level provided strong resistance last week, but now Bitcoin is fast approaching another test of that level. Although recent price action suggests some similarities to the 2017-2018 bull cycle, a chart plotting Bitcoin's Purchase Intent Mentions against the price reveals immense relative strength in 2021.

It’s been a little over 4 months since BTC reached it’s 2021 ATH ~$63,000.  And, its near-term outperformance vs the prior bull cycle can be quantified:

  • Since the 2021 ATH price, BTC Demand has risen +1% on a 90-day moving average -- BTC Demand had already declined -37% in the 4 months following the 2017 high.
  • In 2021, BTC's price fell roughly -53% from the ATH, and has since bounced more than +66% from those lows -- In 2017, BTC sold off by -66% from the ATH, with a max gain of +49% in the resulting bounce.

Bitcoin is still showing strength, and a clean break above $50,000 would be a bullish indicator for the entire crypto market.

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