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Bitcoin (BTC) Price Prediction — Expecting $9,000 Before One More Correction Wave

Price Predictions
Thu, 02/27/2020 - 14:07
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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.

After steady growth almost since the beginning of 2020, the cryptocurrency market has entered a deep correction period. At the moment, the top 10 coins are in the red zone except for Tezos (XTZ), which has shown 5.92% price growth in the last day.

Top 10 coins by Coinstats
Top 10 coins by Coinstats

Even though altcoins are falling faster than Bitcoin (BTC), the dominance rate of the main crypto continues falling and is now at 63.7% on the index.

Important data for Bitcoin is below.

  • Name: Bitcoin

  • Ticker: BTC

  • Market Cap: $160 285 130 330

  • Price: $8 787,46

  • Volume (24h): $52 475 250 335

  • Change (24h): -5.58%

The data is current at press time.

BTC/USD: Are bears here to stay?

The rate of Bitcoin (BTC) has been falling for 2 weeks. In this time, it has lost 8.32%, its biggest loss since the start of 2020.

BTC/USD chart by TradingView
BTC/USD chart by TradingView

On the 4H timeframe, Bitcoin (BTC) has, so far, found a support zone in the range of $8,548-$8,610, so a rebound to $8,900- $9,100 is possible. Thus, the main crypto is already oversold, meaning that, at the moment, sellers are unable to push the price lower.

BTC/USD chart by TradingView
BTC/USD chart by TradingView

Now, the main hypothesis is that the current downward movement is a correction of all of the growth from $6,500. From this, it follows that growth will resume after a correction. This could possibly not take place if we see it fall below $8,200 with consolidation below $8,000. 

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As part of the current correction, Bitcoin (BTC) it is likely to test the $8,250 level. On the logarithmic chart, the correction rate of 0.5 Fibonacci is just around $8,424.

Bitcoin is trading at $8,794 at press time.

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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Price Predictions
Sun, 03/29/2020 - 19:05
Put your
crypto to
work
  • 1.30

    Interest per week

  • 67.5

    Interest per year

  • 3.60

    Interest rate

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Sponsored by Celsius.Network
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.

Bears are not giving any chances for the bulls. The altcoins market is following the trend of the main crypto; however, there are some rollbacks. This is mainly with XRP, which is the biggest loser from the Top 10 list. Its rate has increased by almost 2%. 

Top 10 coins by Coinstats
Top 10 coins by Coinstats

The situation has remained almost unchanged since last week with the cryptocurrency market. Respectively, the dominance rate and position of Bitcoin (BTC) remains the same, currently sitting at 65%.

BTC’s dominance rate
BTC’s dominance rate

Below is the relevant data for Bitcoin and how it is looking today:

  • Name: Bitcoin

  • Ticker: BTC

  • Market Cap: $112,508,256,614

  • Price: $6,150.27

  • Volume (24H): $29,780,276,933

  • Change (24H): -2.04%

BTC/USD: Any Hope for a Bounce Back from Current Levels?

Our recent Bitcoin (BTC) price scenario is coming true as the coin continues to trade between the range of $6,000-$6,300. In terms of our weekly analysis, the rate for the coin remains unchanged.

BTC/USD chart by TradingView
BTC/USD chart by TradingView

Looking at the 4H chart, Bitcoin (BTC) is testing the rising channel's support line, which was formed on March 16th. From a technical perspective, there might be a breakout towards the resistance zone at $7,000 as the current week has been an accumulative one before a sharp price blast. Moreover, the Moving Average Convergence/Divergence (MACD) indicator confirms short-term growth.

BTC/USD chart by TradingView
BTC/USD chart by TradingView

Looking at the daily chart, the 50-Day Moving Average (MA) has crossed the 200-Day MA, forming a 'Death Cross' pattern. This means that the $3,600 level is unlikely to be the bottom.

Must Read
Bitcoin Price (BTC) Is Closely Resembling the Stock Market's Massive Drop in 1930 - READ MORE

Moreover, the Relative Strength Index (RSI) indicator is located in bearish divergence territory. In this case, the first stop for the ongoing long-term fall is $5,000.

At press time, Bitcoin was trading at $6,123.

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.

Recommended articles
Bitcoin (BTC) Price Prediction: Bears on the Way to Retest $6,000

Bitcoin (BTC) Price Prediction: Bears on the Way to Retest $6,000

Bitcoin (BTC) Price Has Very Low Chance of Hitting New All-Time High This Year

Bitcoin (BTC) Price Has Very Low Chance of Hitting New All-Time High This Year

Bitcoin Price (BTC) Is Closely Resembling the Stock Market's Massive Drop in 1930

Bitcoin Price (BTC) Is Closely Resembling the Stock Market's Massive Drop in 1930