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Bitcoin Price Prediction — Analyzing Chances of $11,000 by End of Week

Price Predictions
Wed, 02/12/2020 - 14:03
Denys Serhiichuk
Can Bitcoin (BTC) touch $11,000 before a more profound rollback occurs?
Cover image via www.tradingview.com

The cryptocurrency market remains positive. Since Monday, cryptocurrency market capitalization has increased by about 4.9%, with its value currently at $299 Bln.

Top 10 coins by Coinstats

Against the altcoin season, the rate of BTC’s market share keeps declining and, currently, it makes up 62.2%.

Bitcoin dominance rate

Below is the important data for Bitcoin.

  • Name: Bitcoin

  • Ticker: BTC

  • Market Cap: $188,161,140,441

  • Price: $10,331.00

  • Volume (24h): $42,763,934,433

  • Change (24h): 5.72%

The data is relevant at press time.

BTC/USD: Analyzing possible local heights 

After Bitcoin (BTC) tested $10,400, it went on to update its annual maximum at around $10,500. Overall, the growth has consisted of around 5% over the last day.

BTC/USD chart by TradingView

On the hourly chart, Bitcoin (BTC) is located within the rising wedge against the slightly decreasing trading volume. 

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For a short-term price projection, the coin might come back to around the $10,100-$10,200 zone where most of the liquidity is concentrated. 

BTC/USD chart by TradingView

On the daily chart, the local height has not yet been achieved. If one applies the Fibonacci retracement according to the ‘Last Kiss’ strategy, the mark of $11,828 is likely to be attained by the end of February.

Bitcoin is trading at $10,391 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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