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Bitcoin (BTC) Price Analysis — High Chances To Plummet Below $8,000

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Sat, 5/10/2019 - 8:45
Bitcoin (BTC) Price Analysis — High Chances To Plummet Below $8,000
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Since October 2, the cryptocurrency market has been located in a sideways against neutral news background. The indicator of the total market capitalization has decreased, and at the current moment, its value makes up $217 Bln.

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Regarding Bitcoin, its rate is likely to go down due to both, technical and fundamental factors. Concerning the news background, the launch of Bakkt futures has not positively affected the cryptocurrency market. Moreover, according to the survey, BTC is not an attractive investment for the majority of Americans.

Name

Ticker

Market Cap

Price 

Volume (24h)

Change (24h)

Bitcoin

BTC

$147 044 662 154

$8 180,83

$12 160 402 650

0,26%

 BTC/USD: A Sideways Trend Followed by a Possible Decline

Our earlier Bitcoin price prediction remains relevant as the price is still above the crucial $8,000 mark.

BTC/USD 1-hour chart
BTC/USD chart by TradingView

On the 1H chart, there was a fixation below the mirror level, which quite often served as a price rebound point. Before consolidation above this level, the priority remains of the downtrend movement. Most likely, the local decline will continue within the lateral descending channel, after which one can expect a price increase.

BTC/USD 4-hour chart
BTC/USD chart by TradingView

On the 4H chart, bulls failed to complete the Double Bottom pattern, and the RSI indicator is below the 50 mark. Against these reasons, the market is still dominated by bearish sentiment and, therefore, there is a high probability of falling below the key mark of $8,000.

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Bitcoin is trading at $8,143 at press time.

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