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Bitcoin (BTC) Price Prediction — Failed to Hold $5,500. $4,500 Awaiting Us?

Price Predictions
Wed, 03/18/2020 - 09:53
Denys Serhiichuk
When will Bitcoin (BTC) finally attain the $6,000 mark?
Cover image via www.tradingview.com

After a day of relatively positive dynamics, the cryptocurrency market has again entered a bearish zone. The decline has not been as profound as it was before, but all of the top 10 coins are currently in a downtrend.

Top 10 coins by Coinstats

The decline has affected overall cryptocurrency market capitalization, which continues dropping. At the moment, the value amounts to $144.3 Bln.

Market capitalisation

Relevant data for Bitcoin is below.

  • Name: Bitcoin

  • Ticker: BTC

  • Market Cap: $94 687 305 672

  • Price: $5,181.01

  • Volume (24h): $36 148 539 341

  • Change (24h): -2.50%

The data is relevant at press time.

BTC/USD: When will bulls finally hold above $5,500?

Our recent Bitcoin (BTC) price prediction remains relevant as the leading crypto is slowly approaching the $6,000 mark. The rate of the chief coin has declined by 1.34% since yesterday.

BTC/USD chart by TradingView

Currently, the sideways trend is prevailing on the 4H chart. Bitcoin (BTC) continues trading within the $5,000 and $5,500 range. Thus, the Bollinger Band indicator supports the parity of bulls and bears. Also, trading volume is not increasing, suggesting that a sharp rise in the nearest days is unlikely.

BTC/USD chart by TradingView

On the bigger time frame, the bullish mood is becoming more vivid. Seller trading volume is dropping, meaning that bears are losing their effort to push the price below the $5,000 mark.

Bitcoin (BTC) Price Expected to Retest $4,800 Before Surging to $6,000

In addition, applying the Fibonacci retracement on the daily chart, the first resistance area is located near 23.6%, which corresponds to $6,000. In this case, it may reach this level by the end of the month.

Bitcoin is trading at $5,229 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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