Bitcoin (BTC) Price Prediction — Analyzing Chances to Reach $9,000

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Fri, 01/17/2020 - 21:05
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Bitcoin (BTC) Price Prediction — Analyzing Chances to Reach $9,000

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.

Bitcoin, as well as the cryptocurrency market, keeps conquering new levels. Most of the top 10 coins are dominated by bulls, except for Bitcoin SV, which keeps losing its price value after recent sharp growth.

Top 10 coins by Coinstats

Meanwhile, the total market capitalization mark has reached new highs in the framework of the existing trend. Currently, its value is $241 Bln.

Total market capitalization mark

The relevant data for Bitcoin (BTC) is pointing to a turn in the opposite direction.

  • Name: Bitcoin

  • Ticker: BTC

  • Market Cap: $160 502 530 406

  • Price: $8 835,39

  • Volume (24h): $34 182 980 608

  • Change (24h): 1.55%

The data is relevant at press time.

BTC/USD: Are bulls already exhausted?

Even though yesterday's price prediction has not yet come true, it is still relevant in a short-term scenario.

BTC/USD chart by TradingView

On the 1H chart, Bitcoin has touched the $9,000 level, however, could not fix above it. Based on the candle analysis, the leading crypto is about to come back to the nearest support at $7,700.

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What is more, the trading volume index is not increasing much in terms of the current price rise.

BTC/USD chart by TradingView

In the bigger picture, it looks even more bearish. The bearish divergence has been formed on the RSI indicator. In addition, buyers have started fixing their positions based on the VR indicator. As a more likely scenario, traders may consider a decline to the range between $8,300-$8,400 by the end of January.

Bitcoin is trading at $8,853 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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