Bitcoin (BTC) Price Prediction — $3,500 a New Bottom?

Price Predictions
Fri, 03/13/2020 - 11:55
Denys Serhiichuk
Is now the time to buy Bitcoin (BTC) for the long-term?
Cover image via www.tradingview.com

The fall of the cryptocurrency market did stop yesterday. The Bitcoin (BTC) rate has fallen below $4,000. As a result, all prospective coins remain in the red zone.

Top 10 coins by Coinstats

The market dump has positively affected Bitcoin's (BTC) dominance rate, which has increased over the past week. The current index amounts to 64.4%.

BTC’s market share

Relevant data for Bitcoin is below.

  • Name: Bitcoin

  • Ticker: BTC

  • Market Cap: $103 229 688 542

  • Price: $5,650.76

  • Volume (24h): $78 727 879 632

  • Change (24h): -23.09%

This data is relevant at press time.

BTC/USD: Has Bitcoin already reached the bottom?

The $3,600 level can be considered the bottom as there was huge buying volume here. However, the decline has amounted to around 25% in the past 24 hours, which could be considered one of the biggest dumps in the past few years.

BTC/USD chart by TradingView

Based on the daily chart, one can consider the current situation to be a market dump rather than the start of continued decline. It is important to pay attention to the closing daily candle.

Related
Bitcoin (BTC) Fate to Hit Gold (XAU) Soon – Sell-Off Coming: Macro Economist

If it closes with a long wick, there is every chance for Bitcoin (BTC) to return to $8,000 by the end of the current month. In addition, the main line of the Bollinger Band indicator is located at that level.

Bitcoin is trading at $5,350 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 & ICO Advisory, ATB Coin, and others, can be contacted at denys.serhiichuk@u.today.

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