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Bitcoin (BTC) Price Prediction: Expectations for Continued Growth to $7,000 or Decline to $5,500?

Price Predictions
Sun, 03/22/2020 - 15:34
Denys Serhiichuk
Has the short-term growth come to an end for Bitcoin (BTC)?
Cover image via www.tradingview.com

The cryptocurrency market has failed to establish short-term growth outlook. All of the top 10 coins are located in the red, with the main loser being Litecoin (LTC). The price of the 'digital silver' has dropped around 3% since yesterday.

Top 10 coins by Coinstats

Against the current market situation, when most of the coins have failed to show even a slight sign of growth, the dominance rate for Bitcoin (BTC) has strengthened and currently makes up 65%.

BTC’s market share

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

  • Name: Bitcoin

  • Ticker: BTC

  • Market Cap: $110,583,280,873

  • Price: $6,048.84

  • Volume (24H): $39,891,098,611

  • Change (24h): -1.66%

BTC/USD: Any Power Left from the Bulls for Growth Return?

Our Bitcoin (BTC) price forecast from yesterday came true as the leading crypto achieved its $6,400 mark. However, BTC failed to fix above this price mark.

BTC/USD chart by TradingView

Looking at the 4H chart, the bearish sentiments have become more vivid after one more attempt by the buyers to conquer the $6,500 level. In this particular case, Bitcoin (BTC) is about to drop below $6,000. Pressure from the sellers confirmed this by increasing the selling volume, and the Moving Average Convergence/Divergence (MACD) indicator is about to switch to red. 

BTC/USD chart by TradingView

Looking at the daily chart, there is a parity between buyers and sellers. The recent huge buying impulse confirms the presence of bulls and low chances for Bitcoin (BTC) to go below $5,500.

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The Visible Range indicator also suggests a balance. Respectively, the more likely scenario for next week is a sideways trend in the range between $5,700-$5,900.

At press time, Bitcoin was trading at $6,110.

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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