Bitcoin “waiting for second bull market stage” as BTC price hits 3-month high of $ 46,000

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Bitcoin (BTC) hit $ 46,000 on August 9 as macro factors did not shake enthusiasm after weekly gains of 18%.

1 hour BTC / USD candle chart (Bitstamp). Source: TradingView

Data from Cointelegraph Markets Pro and TradingView showed BTC / USD trading above $ 45,500 at the time of writing on Monday.

After hitting local highs overnight, Bitcoin saw a decline at the start of the new week, but that quickly turned around to produce a three-month peak of $ 46,090.

With a correction still to be initiated, analysts were firmly bullish on the moves ahead for BTC / USD. Among them was PlanB, creator of the stock-to-flow BTC pricing model.

Bitcoin at $ 46,000, he summed up to Twitter followers alongside a graph of price performance after each block subsidy halving event.

We are 16 months after the halving (red line), waiting for the second stage of this bull market. BTC / USD Halving Price Comparison Table. Source: PlanB / Twitter

Kraken growth leader Dan Held argued that the stock was reminiscent of Bitcoin in 2013, when it slumped from an all-time high to a much larger second high in the same year.

So far, no correction exists for Bitcoin, added Cointelegraph contributor Michael van de Poppe.

As Cointelegraph reported, concerns about the arrival of a bill that could shake the tax requirements of cryptocurrency firms in the United States have failed to calm the mood, appearing instead to act like a catalyst for rising prices.

Crypto markets also avoided a sudden and dramatic drop in gold on Monday, which briefly fell to its lowest level in four months.

Bitcoin’s journey to becoming Gold 2.0 has been a magnificent one, Held said.

It was planted during the 08 crisis and came of age during the Covid crisis. The crazy thing is that Bitcoin is just getting started. Analyst: Bitcoin Fixes ‘Biggest Divergence’ From Fundamentals

Switched to chain fundamentals, and it was a price catching game that still had a long way to go to match the sentiment implied.

Related: No, Bitcoin Is Not Entering A 2018-Like Bear Cycle, New Data Suggests As BTC Targets $ 45,000

In various articles on Monday, analyst William Clemente pointed out the greater divergence between the two phenomena taking place in real time.

Based on the modeling of the ups and downs, a target of $ 57,000 has emerged, he said, and if this is successfully clawed back, $ 92,000 will be next.

If that level is then recovered, it would target the highest price pattern which currently sits at $ 175,000, he added.

BTC / USD high / low pattern compilation table. Source: William Clemente / Twitter

The moving averages that had eluded Bitcoin in recent weeks were suddenly reversed over the weekend, among them the high range of $ 42,500.

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