Bitcoin price dip may retest $55K before next leg up

Zoltan Vardai7 hours agoBitcoin price dip may retest $55K before next leg upBased on the upcoming Aug. 14 CPI reading, Bitcoin lost a key trend line when it fell under $63,000, but it could still be on track to recover.2497 Total views11 Total sharesListen to article 0:00Markets NewsOwn this piece of crypto historyCollect this article as NFTCOINTELEGRAPH IN YOUR SOCIAL FEEDFollow ourSubscribe onBitcoin price dipped below a key trendline as analysts eye a potential correction below $55,000 before it can rebound.BTC price below key post-halving trendline

Bitcoin’s (BTC) price fell below a key growth trajectory line based on previous Bitcoin halving cycles.

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Recovering above this trend line, which is around $63,000, could put Bitcoin back on track to new highs, according to crypto research platform Ecoinometrics. It wrote in an Aug. 12 X post:“Bitcoin has dipped below its historical post-halving growth trajectory range. If it returns to this range before year-end, we’re looking at a high likelihood of a six-figure value for one BTC.”BTC growth trajectory after fourt halving. Source: Ecoinmetrics

Provided that Bitcoin follows the same trajectory seen during previous halving cycles, it could reach over $140,000 during the cycle top in 2025.Will Bitcoin revisit $55,00 before more upside?

Bitcoin price could still correct below $55,000, based on the upcoming Aug. 14 release of the Consumer Price Index (CPI).

A higher-than-expected reading could lead to another correction, according to pseudonymous trader Crypto Bullet, who wrote in an Aug. 12 X post:“What a monster bullish weekly candle! Long wick, green body. Strong recovery. […] While I think it’s possible to test $53-55k one last time if CPI comes in hot on Wednesday, I can’t be bearish here.”BTC/USDT, 1-week chart. Source: CryptoBullet

However, Bitcoin miner reserves fell to 1.8 million BTC, which is lower than miner reserves at the beginning of March when Bitcoin hit its all-time high, noted verified CryptoQuant author Binhdangg, in an Aug. 12 X post.Bitcoin: Miner reserve, all miners. Source: Binhdangg

Decreasing miner reserves means less upcoming Bitcoin sell pressure, as miners rely on selling Bitcoin for operations costs.

Yet, Bitcoin needs a confirmation above $60,600 for more upward momentum, according to popular crypto analyst Rekt Capital.

The analyst wrote in an Aug. 10 X post:“Bitcoin is doing all the right things to confirming $60,600 as support so as to position price for a revisit of $65,000+ over time.”BTC/USD, 1-day chart. Source: Rekt Capital

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.# Bitcoin# Cryptocurrencies# Bitcoin Price# Bitcoin Analysis# Bitcoin Mining# MarketsAdd reaction