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Bitcoin Price Prediction: Is BTC passing $20k this week?

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Bitcoin is currently undergoing a rich performance period, as the King’s coin has overtaken multiple key levels in the past few weeks. Between October and November, Bitcoin was above 80 percent, currently valued just above $18,500. lIt was pretty obvious that Bitcoin was closing on its all-time high valuation of $20,000, but what are the chances that this might happen over the following week? Let’s find out.

Bitcoin hourly chart

BTC 1 e1606135651433

The short-term chart was under a strong bearish cycle over the past 24-hours. Bitcoin first dropped down to $17,610 and then re-test again at $18,000 after rising to $18,300. With respect to the charts, the asset is currently exhibiting a rising wedge pattern which is extremely bearish. At the moment, the immediate support is position at $18,000 and $17610. Ideally, the price should drop but we need to note that BTC has nullified other bearish patterns over the past couple of months.

Relative Strength Index or RSI suggested that the price may pump again over the next few hours, taking the valuation close to the last resistance at $19,350. MACD exhibited a present bullish trend as well.

Bitcoin hourly chart

BTC 2 e1606135689623

The long-term was more bullish than the short-term at the moment. Indicating the formation of a bullish flag, the pattern seems like it is approaching its last bullish breakout before ascending to a new high above $20,000. The long-term remained at $17,500, which was tested over the past 24 hours.

The position of Awesome Oscillator was still bearish though. As pictured, the bullish momentum seemed to be taking a bearish shift in the charts at the moment, but the collective market remained positive.

Verdict

It is hard to bet against Bitcoin after the asset has reached this high in the last couple of months. While the price charts scream of a depreciating run at the moment, the retail momentum may possibly take it above $20,000 over the current week. A quick re-test will be definitely one of the outcomes, but the largest asset will attain $20,000 for the 2nd time in its history.

Bitcoin [BTC/USD] Enjoys Greener Pastures as Bulls Lift the Price; $12k Break Seen as Start for Something Bigger

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Bitcoin’s price volatility has been the talk of the town with the world’s largest cryptocurrency crossing the $12,000 this week. The massive increase and the green lit 7-day moving average was also a positive sign for investors to jump on the bandwagon and watch for price plateaus that may occur soon.

At press time, Bitcoin was trading for $11,313 with a total market cap of $208.75 billion. This price hike has generated a lot of buzz in the cryptocurrency industry with several people claiming that the next bull run was upon us. Bitcoin’s 24-hour trading volume also enjoyed a bump, clocking in at $21.37 billion.

The $12,000 climb triggered rapid buy-ins into the Bitcoin market with new members joining the ecosystem. The price mark was also one of the highest in over a year which added to the joy in the Bitcoin market. Some people claim that the hike was a correction with the upside potential limited over the next week or two.

bitcoin market
(Source:coinbase)

Craig Erlam, a senior market analyst at Oanda touched on the ramifications of the climb and how it would change the Bitcoin ecosystem for future trades. Mr. Erlam said:

“The volatility we’ve seen the last couple of weeks is just a reminder of what this asset class is capable of. It’s still a relatively immature instrument and flash moves shouldn’t surprise us. The important thing, however, is that it has broken above $10,000 and a weaker dollar could be aiding it. This could leave it open to further gains and surges in volatility in the months ahead.”

A technical analysis of Bitcoin reveals a volatile price action that may be beneficial to long time customers. The MACD indicator was on the upside with the signal line and the MACD lines moving parallel to each other. According to the charts, the MACD histogram was lit up green which meant that the bull could be here to stay for a couple more days.

Bitcoin’s Relative Strength Index had broken the overbought barrier and settled into the graph a few days later. The hold near the top of the graph showed a clear indication of more people buying into the Bitcoin ecosystem because of a sentiment change. If the RSI continues to stay this healthy, Bitcoin could enjoy a decent run all through August.

Bitcoin Price: BTC May Cross $9500 July-end After Re-test at $9333

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After weeks of delayed reactions, Bitcoin finally caught up with a quick surge in the price charts. After dropping support below at $9149 and $9089 after the twitter hack news, the asset was unable to sustain a quick recovery. However, at the time of writing, Bitcoin’s price was once again high, in breach of key resistance at $9333.

Bitcoin had a market cap of $171 billion with a trading volume of $16.06 billion over the past 24-hours.

Bitcoin 1-hour chart

BTC 1hour

The breakout facilitating at the moment can be observed to manifest out of an ascending channel that took shape since the collapse on 16th July. The price maintained oscillation between the trendlines but after registering its third local top in the last 5-days, the price ascended above resistance at $9238, $9281, and finally, above long-term resistance at $9333.

BTC moved above the 50-day and 200-day moving average as well, which is a bullish sign but the asset may register a minor correction following its 2 percent hike. An immediate drop down to $9238 may take place but there is also a possibility of a bounce-back from $9281.

Bitcoin 4-hour chart

BTC 4 hour

From a long-term perspective, the recent hike seemed all part of the long-term breakout for Bitcoin. As observed on Bitcoin’s 4-hour chart, the price touched the upper trend line of a symmetrical triangle but did not completely breach it. It further validates the imminent correction period which may eventually face another re-rest at $9149 as well.

Now, a breakout foreseen by the pattern may surface towards the end of July around the 28th and the breakout could place on either side of the spectrum. A bullish scenario would see Bitcoin breach above $9550 for the first time since June, whereas a bearish breakout may depreciate its valuation down to $8933.

BTTC makr

Now according to market Indicators, MACD has remained bullish for the asset but Relative Strength Index or RSI may exhibit a worrying sign. BTC remained in the over-bought section at the time of press which meant that a drop in valuation is inevitable for the token. A massive collapse down to 45 could turn the coin in favor of bearish momentum, implying severe corrections over the long-term.

Considering, Bitcoin has been able to sustain a price above $9100 for the long-term, a massive break down is unlikely and the correction period should be minor over the next few days.

Bitcoin Price Breaks above $10,000 as it Prepares for the Next Bull Run

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The demand for the most popular cryptocurrency has pushed Bitcoin price past the critical $10,000 price level. If this price turns out to be a support, then the price of Bitcoin could be heading towards $12,500.

Bitcoin’s price is back to bullish once again as it breaks past the critical $10,000 resistance. If BTC price history can repeat itself, then the price of the largest cryptocurrency by market cap is braced for a surge towards the $12,500.

Bitcoin’s price action breaking out

Since the cryptocurrency market crash on March 12, BTC’s price action has been restricted to the mounting side-by-side channel. Every time BTC’s price action hits the top boundary of this channel, it plummets back to the bottom of the boundary and vice versa.

Nevertheless, the bulls seem to have stepped into the bottom line after the most recent rally. In the meantime, one would expect Bitcoin to progress more to the center or the top of the boundary channel.

 

Bitcoin Price

According to Into The Block’s “In/Out of the Money Around Price” (IOMAP) model, positive momentum to the uppermost part of the channel is imminent.  Based on this on-chain metric, there are not any substantial barricades that would block positive momentum above the current price levels.

Bitcoin price

On the other side, IOMAP researchers suggest that there are adequate supply walls to suck up any sliding pressure.  In particular, the one in between $9,270 and $9,580, where approximately 1.6 million addresses are holding more than 1.2 million BTC bought at the mentioned price tags.

Fear and Greed Index

Furthermore, the latest price surge has sent investors into ‘Greed’ according to data by the Fear and Greed Index. This significant indicator examines the general public sentiment based on the price and social media data and combining it into a single figure.

For the first time since early May, the Fear and Greed Index indicated 56 (Greed) when the price of Bitcoin was nearly the same levels. Greed is basically not a good signal for BTC though. “Be fearful when others are greedy and greedy when others are fearful.”

Bitcoin [BTC/USD] Technical Analysis: Crypto Price Hits New Peaks as Investors Clamor to Jump In

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The cryptocurrency market has shown massive green symbols in the last few days. This upward movement resulted from Bitcoin outperforming its peers and settling above the $10,000 mark.

Bitcoin has surpassed the expectations set for it and that has, in turn, caused mass euphoria among communities. Analysts were quoted as saying that the time of Bitcoin to turn positive has arrived.

The technical analysis of Bitcoin showed that it was on an upward trend to surpass its earlier benchmarks. Bitcoin was currently doing better than what it did back in September with green signals all over.

At the time of writing, Bitcoin was trading for $10,152 with a total market cap of $184.93 billion. The world’s largest cryptocurrency held a total 24-hour volume of 45.54 billion after the massive price climb.

1 hour:

The hourly chart was quite a happening scene for Bitcoin with the cryptocurrency setting new standards of bullish movements. The cryptocurrency had set a new immediate resistance on the 11th of February which was clocked at $10,476. The current immediate support was at $9996 and as per the indicators, it is predicted t increase soon.

btc 1 hr compressor

The Relative Strength Index had crashed into the oversold zone after a drastic change in investor sentiments. The hold at the bottom signified that the selling pressure was much higher than the buying pressure. This is the lowest Bitcoin’s selling pressure has been since the 10th.

The Chaikin Money Flow was just skirting the zero line. The CMF showed that the capital coming into the Bitcoin market had reduced due to a reverse tide of developments and market scares. Institutions were earlier responsible for the capital influx but that seems to be on the down-low now.

The MACD indicator indicated a bearish movement in prices. The signal line and the MACD line had crossed over to move towards the histogram. The MACD histogram also sided with the bear.

1 day:

Bitcoin showed a stark change in contrast to the daily chart. According to analysis, it was pretty evident that BTC’s fortunes had turned over the new year. The current support for the daily chart was at $7561. The current price hike is the largest increase since the downfall started back in August.

btc 1 day compressor

The RSI acted opposite to that of the hourly chart. The current hold had surpassed the overbought zone which meant that the buying pressure had massively increased.

The MACD indicator had gone up with the signal line. This rise in both the indicators showed the market atmosphere was bullish. The MACD histogram was also bullish which pulled a strong market sentiment towards the cryptocurrency.

The Chaikin Money Flow indicator was positive for the first time since October. Although investors have nullified Bitcoin’s performance in the short term, the long term investments have definitely increased.

Conclusion:

Although Bitcoin has been on an uptrend, we need to be careful about what holds in the future. The hold above the $10,000 margin was seen as a positive tide in the Bitcoin saga as many also expect the $20,000 mark to arrive soon.

Bitcoin [BTC/USD] Price Analysis: Price booms as 2020 continues to shower its fortunes

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Bitcoin [BTC/USD] Price Analysis: Price booms as 2020 continues to shower its fortunes

 

Bitcoin [BTC/USD] Price Analysis: Bitcoin‘s performance in 2020 has been the talk of the cryptocurrency town and many naysayers have now begun to backtrack on their comments about the digital asset’s fall.

The second week of 2020 has been quite fruitful for Bitcoin as its price hit its highest point since November of 2019. This event has been quite clamorous for the space as multiple proponents came forward to praise the world’s largest cryptocurrency.

At press time, Bitcoin’s price was $8293.33 with a total market cap of $150.51 billion. The market cap too has risen to one of its biggest markers since last October, another win for the currency. It is easy to say that the price rise has been random but a technical analysis will give us a deeper look.

1 hour:

Bitcoin [BTC/USD] Price Analysis:
1-hour Chart
The hourly chart for Bitcoin’s price showed multiple green candles shooting for the sky. The immediate price support for Bitcoin was lifted to $7762 after a continuous price hike for 6 days.

The Parabolic SAR was strongly below the price candles. This indicated that Bitcoin’s price would continue to stay in the bullish territory.

The Chaikin Money Flow indicator was another friend to Bitcoin’s price. The CMF was way above the zero line which meant that the capital coming into the Bitcoin market was much more than the capital leaving the market.

The Awesome Oscillator was showing burgeoning green signal after the recent bullish run. The bump in the AO meant that the Bitcoin market pressure was at a long term high.

The short term indicators all showed bullish signs, which may indicate a strong bull run for the next couple of days including a mix of price flatlines.

1 day:

Bitcoin Price Analysis:
1 Day Chart

 

Bitcoin’s daily price chart had begun to reflect the currency’s performance in the short term. The green candles had begun to take over with the last 6 markers staying green throughout. The immediate support on the daily chart was at $6626.3.

The CMF had spiked to the upper strata strongly for the first time since the middle of October 2019. The climb meant that investors were regaining their faith in Bitcoin.

The Awesome Oscillator signalled green for the first time in 2020. Together with the CMF, we can speculate that institutional investors were increasing their ramp up towards the Bitcoin industry,

The Parabolic SAR for Bitcoin’s long term price also remained bullish, a positive sign for traders. The markers remained below the price candles and assured holders that the atmosphere was bullish.

Bitcoin’s price prediction has always been tricky with analysis, with multiple factors affecting its movement. The above-mentioned Bitcoin price charts and indicators have all in tandem stated that Bitcoin’s strong start to the year will bring its dividends soon.