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

  • Denys Serhiichuk
    📈 Price Predictions

    Are there any chances for Bitcoin to remain above $8,000?

Bitcoin (BTC) Price Analysis — High Chances To Plummet Below $8,000
Cover image via 123rf.com

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.

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 

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

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

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 make predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing & ICO Advisory, ATB Coin, and others.

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Bitcoin's Parabolic Uptrend Remains Intact Despite Price Collapse: Tuur Demeester

  • Alex Dovbnya
    📰 News

    Tuur Demeester wants you to buy the dip as Bitcoin touches the support of its parabolic uptrend for the first time since March

Bitcoin's Parabolic Uptrend Remains Intact Despite Price Collapse: Tuur Demeester
Cover image via u.today

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.

Tuur Demeester of Adamant Capital has just taken to Twitter to calm down Bitcoin enthusiasts who might have been swayed by incredibly bearish sentiment on crypto Twitter. 

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Bitcoin recently dropped to $6,800, its lowest level since early May. However, Demeester apparently sees this as yet another opportunity to buy the dip. He states that top coin's parabolic uptrend that started at the beginning of 2015 hasn't been violated. However, Bitcoin has tapped support for the first time since March when Bitcoin was trading well below $4,000. 

Shortly after printing a huge red candle on the logarithmic chart, the Bitcoin price spiked by 20 percent on Apr. 2, which started the coin's massive run to $13,700. 

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As of now, BTC is down by nearly 50 percent from its yearly high, but this might not be the end of the nightmare for Bitcoin bulls. According to trading exert Josh Rager, the crypto king could plunge below the $7,000 level again after a fakeout to the $7,500 range. 

Gold bug Peter Schiff recently predicted that BTC could collapse to $10,000 level after competing the head-and-shoulders pattern.  

At the time of writing, BTC is sitting $7,313, CoinStats data shows. 

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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