Bitcoin (BTC) Price Prediction — Coming Back to $10,000 After Closing the GAP

Price Predictions
Mon, 05/18/2020 - 14:08
Denys Serhiichuk

Can Bitcoin (BTC) go higher after closing the recent GAP?

Cover image via www.tradingview.com

The new week has started with relatively neutral dynamics. Bitcoin (BTC) is the only coin out of the top 10 list trading in the red zone. Meanwhile, the fork of Bitcoin Cash (BCH) - Bitcoin SV (BSV) - is the top gainer, having risen by 4.44% over the past day.

Top 10 coins by Coinstats

The rise of altcoins has affected the market share of the chief crypto, which has slightly dropped and currently amounts to 67.4%.

BTC’s market share

The relevant data for Bitcoin is below.

  • Name: Bitcoin

  • Ticker: BTC

  • Market Cap: $176 296 341 670

  • Price: $9 591.66

  • Volume (24h): $43 387 199 558

  • Change (24h): -0.56%

This data is relevant at press time.

BTC/USD: Is there enough strength to conquer $10,000 again?

Over the weekend, the price of Bitcoin (BTC) remained in the $9,200- $9,800 range. Attempts to go beyond it were unsuccessful for both bulls and bears. On the evening of May 15, a strait below $9,200 was quickly bought back. Today's attempts to test $ 10,000 have not yet been successful.

BTC/USD chart by TradingView

After correcting from $9,939, on Sunday buyers managed to pass the main resistance level of $9,580. This means that in the near future, Bitcoin (BTC) will continue to grow to the main resistance at $10,000. The price could go higher via liquidation of short positions. Medium-term targets lie in the $10,416 and $11,004 zones.

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The future prospects of BTC depend on its reaction to the $10,000 and $10,416 levels. The main support is at $9,674. This area is the key for buyers at the moment. If there is a breakdown and consolidation below $9,674, we can expect a different outcome.

BTC/USD chart by TradingView

On the daily chart, the MA 100 is about to follow the MA 50, which is a bullish signal in the medium-term. Also, Bitcoin (BTC) has not left the borders of the rising channel, confirming its potential to get to $10,000. What is more, the growth is accompanied by rising trading volume. If buyers break $10,000, the next target will be $10,500.

BTC/USD chart by TradingView

On the weekly chart, yesterday's candle closed bullish with high volume, which is also a signal of upcoming growth. If the buying trading volume remains high, the next resistance will be $11,000, which traders might see by the end of May.

Bitcoin is trading at $9,674 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 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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