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Bitcoin (BTC) Price Prediction: Fluctuating Around $7,700. Preparing for an $8,000 Move?

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  • Denys Serhiichuk
    📈 Price Predictions

    Does BTC have enough strength to conquer $8,000?

Bitcoin (BTC) Price Prediction: Fluctuating Around $7,700. Preparing for an $8,000 Move?
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.

On the last day of November, the cryptocurrency market is in a relatively neutral mood. The rates for the top 10 coins have not increased or decreased by more than 2%. Bitcoin (BTC) currently has the biggest gain, as its price has gone up by almost 2% since yesterday.

Top 10 coins by Coinstats

Below is the relevant data for BTC at press time:

  • Name: Bitcoin

  • Ticker: BTC

  • Market Cap: $139,186,224,885

  • Price: $7,700.32

  • Volume (24H): $18,498,079,462

  • Change (24H): 1.99%

BTC/USD: Pay Attention to the $8,000 Level

November was extremely bearish for the world's largest digital asset, as BTC registered a six-month low. However, signs of recovery appeared after the November 22nd and 25th fall.

BTC/USD chart by TradingView

Looking at the 4H chart, the bulls are losing ground and the last price before the bears seize the initiative again. This might be at the $8,000 mark. The upcoming sellers’ dominance is confirmed by the fact that the relative strength index (RSI) is getting closer to the overbought area.

BTC/USD chart by TradingView

The bigger time frame shows the declining interest of buyers based on the trading volume index. BTC has not moved out of the descending channel, which suggests continuing pressure by the bears. 

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Bitcoin Halvings Kick BTC Price Up, History Says, $100,000 May Be Expected This Time

To sum it up, if BTC cannot fix above the $8,000 mark, then the price will continue to drop to $7,500 and possibly below. 

At press time, BTC is trading at $7,692.

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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 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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Bitcoin Price Likely to Surge to $8,200 Before Surprising Bulls: Crypto Analyst

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  • Yuri Molchan
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    A crypto analyst says that Bitcoin follows ‘standard crypto games’ and expects BTC price to surge to $8,200 before making a market reverse

Bitcoin Price Likely to Surge to $8,200 Before Surprising Bulls: Crypto Analyst
Cover image via 123rf.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.

Contents

After Bitcoin bulls reclaimed the $7,400 level earlier, the flagship currency is holding in the $7,500 area. A crypto analyst says that these are ‘standard crypto games’ – Bitcoin is likely to surge into the $8,000 area before plunging again.

Bulls, get ready to rock - $8,200 on the horizon

At press-time, Bitcoin is swapping hands at $7,544. For a long while prior to that the price was trading flat in the $7,200-$7,300 area.

However, on Friday, the Bitcoin price managed to recover to the $7,500 level.

BTC price CMC
Image via CoinMarketCap

The analyst @CryptoMichNL reckons that Bitcoin is following a standard pattern of the volatile crypto market and is going to please the bulls before giving them a nasty surprise of a bearish reversal.

‘Bitcoin halving is the main catalyst’

The next Bitcoin halving programmed by Satoshi Nakamoto, the Great and Terrible, is to happen in May 2020. Many in the community believe it to accelerate the Bitcoin price surge since miners have not priced it in.

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Tim Draper Says His $250,000 Bitcoin Price Prediction Is Not Based on Halvening

Doubts about the BTC halving impact

However, a co-founder of the Morgan Creek Digital Jason Williams, the less Twitter-active than his colleague Anthony Pompliano, reckons that the Bitcoin price is likely to dip after the halving. The thing is that miners are going to get twice as fewer BTC for each new block than now and many of them are going to have to sell their BTC to pay the bills.

Besides, chances are high that small mining pools will quit since mining will stop giving them enough profit.

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About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.

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