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

📈 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?

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.

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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.

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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