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

Price Predictions
Thu, 02/27/2020 - 14:07
Denys Serhiichuk
Any chance for Bitcoin (BTC) to stay above $9,000?
Cover image via www.tradingview.com

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

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

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

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. 

Related
Bitcoin (BTC) Index Shows Reasonable Fear – Expect Turbulence Up and Down

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.

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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 makes 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, can be contacted at denys.serhiichuk@u.today.

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