Bitcoin (BTC) Price Prediction: Can Bulls Hold the $7,000 Level while at a Crossroads?

Price Predictions
Fri, 12/27/2019 - 15:05
Denys Serhiichuk
Do the bulls have enough strength to keep Bitcoin above $7,000 through the last days of 2019?
Cover image via www.tradingview.com

The end of the year is extremely controversial for the cryptocurrency market. Most of the coins are located in the green, with Bitcoin Cash (BCH) having the largest lead (rate is up by more than 3% since yesterday).

Top 10 coins by Coinstats

Meanwhile, the cryptocurrency market cap has rocketed up by more than $2 billion in the last 24 hours. As a result, the total cryptocurrency market cap stands at $189 billion.

Cryptocurrency market cap

Below is the relevant data for Bitcoin (BTC) at press time and how it's looking for today:

  • Name: Bitcoin

  • Ticker: BTC

  • Market Cap: $131,949,889,040

  • Price: $7,279.96

  • Volume (24H): $25,203,137,409

  • Change (24H): -0.01%

BTC/USD: How One Should Consider Yesterday's Price Rise?

Yesterday, there was an expected price increase of only 3%. However, the price fell again, resulting in an absorption.

BTC/USD chart by TradingView

As long as the price stays above the $7,000-$7,100 range, the priority remains on a repeatable upswing towards its $7,800 target. If it begins to consolidate below the aforementioned price, then the priority will be replaced by a downwards trend.

BTC/USD chart by TradingView

Looking at the 4H chart, the bears are more likely to dominate over the bulls. Bitcoin cannot get out from the descending channel, which has been confirmed by the ongoing decline. What is more, the lines of the Moving Average Convergence/Divergence (MACD) indicator are moving down towards the $7,000 mark.

Related
Bitcoin Price to Reach $9,000 Before 2020 Ends, Crypto Analysis Says

If the sellers continue to keep pushing BTC's rate down further, then the crucial support at $7,000 may be achieved by the end of 2019.

At press time, Bitcoin is trading at $7,169.

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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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