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

Price Predictions
Sat, 10/05/2019 - 08:45
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Denys Serhiichuk
Are there any chances for Bitcoin to remain above $8,000?
Bitcoin (BTC) Price Analysis — High Chances To Plummet Below $8,000
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Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

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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.

Top 10 coins 
Top 10 coins by Coinstats

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.

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

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About the author

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing, ATB Coin, and others, can be contacted at denys.serhiichuk@u.today.