Bitcoin (BTC) Price Prediction: Conquering the $7,500 Mark?

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    Can bulls succeed at pushing the largest cryptocurrency to $7,500?

Bitcoin (BTC) Price Prediction: Conquering the $7,500 Mark?
Cover image via www.tradingview.com

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.

The rate for Bitcoin (BTC) has remained relatively unchanged for the last 7 days. Yet its price has gone down by almost 3% over the last week. The quotes for most of the altcoins have decreased, keeping the top 10 coins under pressure by the bears.

Top 10 coins by Coinstats

In terms of BTC’s market share, the cryptocurrency is slightly going down, with its current dominance index constituting 66.6% 

Bitcoin dominance rate

Below is key information for BTC at press time:

  • Name: Bitcoin

  • Ticker: BTC

  • Market Cap: $133,996,764,077

  • Price: $7,408.70

  • Volume (24H): $17,525,572,867

  • Change (24H): -0.67%

BTC/USD: Do the Bulls Still Have the Advantage in the Short-Term?

Since the beginning of December, BTC has continued to fluctuate between the $7,200-$7,400 range. 

BTC/USD chart by TradingView

Looking at the 4H chart, BTC is moving towards $7,400 with a potential target of $7,500. This is confirmed by the fact that the Moving Average Convergence/Divergence (MACD) has maintained its bullish trend. What is more, the trading volume index remains at its previous position without a significant majority of sellers. Respectively, the short-term forecast is bullish with a target that is close to $7,500.

BTC/USD chart by TradingView

Looking at the daily time frame, the current growth is modest, but can be considered the starting point of a continuing decline. The 200-Day Moving Average (MA) is at its local peak and is about to move down simultaneously with the 100-Day MA and the 50-Day MA. 

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A similar picture was painted in 2017 when the decline stopped at $3,000. Fast forward to today, the first point on the way to a more profound decrease is $7,000, which might be achieved through the end of December 2019.

At press time, BTC is trading at $7,367.

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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