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Bitcoin (BTC) Price Prediction: Could a Long Wick Bounce Upwards to the $7,500 Mark?

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  • Denys Serhiichuk
    📈 Price Predictions

    Does the top cryptocurrency have what it takes for a short-term bounce back?

Bitcoin (BTC) Price Prediction: Could a Long Wick Bounce Upwards to 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.

Yesterday, Bitcoin (BTC) had a significant drop of more than 10% in just a few hours. Since last week, BTC has lost 15% of previous value. However, the altcoins seemed to have made a quick recovery as Bitcoin SV (BSV) and Stellar (XLM) are currently in the green.

Top 10 coins by Coinstats

Below is the relevant data for BTC at press time:

  • Name: Bitcoin

  • Ticker: BTC

  • Market Cap: $130,541,634,309

  • Price: $7,226.91

  • Volume (24H): $26,309,659,671

  • Change (24H): -0.65%

BTC/USD: Fibonacci Retracement Indicates Upcoming Growth

In terms of historical context, BTC has returned to its previous positions from mid-May of 2019. 

BTC/USD chart by TradingView

Looking at the 1H chart, BTC is diverging on the relative strength index (RSI) indicator. Currently, BTC's support is located near the $7,100 level. While the price might go below the aforementioned level, it is unlikely to fix itself as the coin is already oversold on most of the indicators. In the short-term scenario, BTC is about to fluctuate between $7,200-$7,300. 

BTC/USD chart by TradingView

When the Fibonacci retracement is applied to yesterday’s bottom (around $6,800) and the previous high (about $10,500), BTC has a chance of bouncing back to $7,621 (23.6%). 

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The next possible stop could be $8,141 (38.2%). However, it is important to consider such a movement as a correction after a sharp drop, and not the end of the bearish trend.

At press time, BTC is trading at $7,176.

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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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Bitcoin Price Predicted to "Rocket Up." $7,400 Level Reclaimed by Bulls

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  • Alex Dovbnya
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    The Bitcoin price could soon touch $7,800 if bulls persist, but this move could be a short-lived one

Bitcoin Price Predicted to "Rocket Up." $7,400 Level Reclaimed by Bulls
Cover image via u.today

Popular crypto trader Wendy O recently predicted that the price of Bitcoin would "rocket up" if it managed to surge above the $7,400 level. 

Bitcoin Price
image by @CryptoWendyO

Shortly after that, the BTC price did rise above the aforementioned level, currently sitting at $7,444, according to CoinStats data

Bitcoin Price
image by coinstats.app

If the aforementioned forecast turns out to be accurate, Bitcoin traders could soon see another fakeout, which would be similar to the one that took place on Dec. 4. As reported by U.Today, BTC printed a massive green candle in less than a minute, but this unexpected pump quickly evaporated.     

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Earlier today, multiple traders predicted that Bitcoin was about to make a big move in either direction, but $7,800 seems to be the main area of interest for them. The leading cryptocurrency hasn't touch this level since Nov. 30. 

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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