Bitcoin (BTC) Price Prediction: A Consolidation at $5,000 or Gaining Efforts Before the Next Bullish Run

Price Predictions
Fri, 04/05/2019 - 06:20
Alex Dovbnya
🤛👀 Bears are going to fight for $5,000. Who will win?
Cover image via U.Today

Days earlier, the Bitcoin’s rate rewrote the highs since November, at some point exceeding $5,300. However, it is not yet possible to push further growth, and BTC experienced a corrective pullback after touching these levels.

Until now, movements in the cryptocurrency market are more similar to trading based on indicators and algorithms, rather than restoring a new round of interest among investors due to favorable news. If so, then the next focus for the market is $5,300. The 200-day moving average is passing through this level. Overcoming it from the bottom up can be a significant signal for investors.

If Bitcoin is able to gain a foothold above, one can expect that more and more willing people who are guided by such technical signals will connect to purchases.

If not, then a serious correction may threaten Bitcoin, since short-term players will try to get out first, fixing a rather impressive growth rate over the past few days.

The price of Bitcoin is trading at $4,986.62 at the time of the writing.

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with 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, can be contacted at alex.dovbnya@u.today.

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