Cryptocurrency

Bitcoin (BTC) could jump to $58,000 or dive to $44,000 from its current levels, an analyst warns as $50,000 sees a “very healthy retest.”

Hedging bets against a “swift downwards move”

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD fluctuating around the $51,000 mark on Sept. 7, after losing $2,000 in two hours earlier in the day.

Overnight, the pair hit fresh highs of nearly $53,000, coinciding with bullish momentum on the back of El Salvador becoming the first sovereign state to officially adopt Bitcoin as a currency.

Now, $50,000 is once again a deal-breaker for bulls and bears alike, says Cointelegraph contributor Michaël van de Poppe.

Specifically, Bitcoin needs to hold the area between $49,500 and $50,000 in order to preserve its trajectory.

“If that is holding, we’re going to look at $58,000 next,” he said in his latest YouTube update.

“If it doesn’t hold, I’m going to look at $44,000 next, as there might be a swift downwards move.”

Van de Poppe added that there was no reason for concern at levels above $50,000, regardless of Tuesday’s volatility, which he argued constitutes a “very healthy” move after the breakout.

“Retest is now in progress,” fellow trader and analyst Rekt Captial echoed, highlighting a “key” area to hold at around $50,300.

Ethereum lines up BTC support test

Meanwhile, altcoins continue to lick their wounds after outdoing Bitcoin at losing recently-gained levels.

Related: Price analysis 9/6: BTC, ETH, ADA, BNB, XRP, SOL, DOGE, DOT, UNI, LINK

Out of the top ten cryptocurrencies by market cap, Solana (SOL) remained the sole green performer on the day, in sharp contrast to other tokens.

Ether (ETH) could be in line for a retest of $3,400 if $3,700 is lost, Van de Poppe said about the largest altcoin. Against BTC, it could likewise retest the recently-reclaimed 0.071 level.

Cardano (ADA) saw a modest recovery after falling to $2.58, still down 6.7% on the day at the time of writing and 15% versus its recent all-time highs.

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