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Bitcoin (BTC) Price Prediction — $7,000 by End of Week?

Price Predictions
Fri, 03/20/2020 - 09:54
Denys Serhiichuk
Is Bitcoin (BTC) returning to a bullish trend or will there be one more roll back before a continued decline?
Cover image via www.tradingview.com

After a few days of an accumulative period, the cryptocurrency market has rocketed. All of the top 10 coins are green while the top gainer is Bitcoin SV (BSV), which has rocketed by almost 40%.

Top 10 coins by Coinstats

However, the hash rate of Bitcoin (BTC) keeps dropping against the sharp growth of the leading crypto. The decline has continued since the dump started at the beginning of the month.

BTC’s hash rate

The relevant data for Bitcoin is below.

  • Name: Bitcoin

  • Ticker: BTC

  • Market Cap: $120 820 901 618

  • Price: $6,610.07

  • Volume (24h): $56 447 329 750

  • Change (24h): 22.44%

The data is relevant at press time.

BTC/USD: Expecting $7,000 This Week?

Our recent Bitcoin (BTC) price projection has more than justified itself as the rate has surpassed the $6,000 mark. Current growth has amounted to 23.54% since yesterday.

BTC/USD chart by TradingView

Bitcoin (BTC) continues its short-term growth and has managed to attain the $6,500 level. To keep the growth it needs to face a slight correction to around the $6,200-$6,300 zone. Moreover, the oversold RSI indicator on the 4H chart confirms a possible roll back from current levels. If the main cryptocurrency drops below $6,000, the growth scenario will be canceled. 

BTC/USD chart by TradingView

On the daily chart, the main resistance is located at the $7,000 level, which Bitcoin (BTC) is approaching. The blue line of the MACD indicator is about to cross the red zone, confirming the ongoing presence of bulls.

Related
This 20 Percent Bitcoin (BTC) Price Move Could Be Massive Bull Trap. Trader Explains Why

In addition, the Relative Strength Index has not reached the oversold zone yet. The Visible Range indicator also suggests high liquidity above $7,000. Summing up, in the current week, Bitcoin (BTC) might close above $7,000.

Bitcoin is trading at $6,604 at press time.   

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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