Bitcoin (BTC) Price Prediction: Halving as Reason to Expect the Price Above $10,000

Price Predictions
Sun, 05/03/2020 - 14:16
Denys Serhiichuk
Can the bulls maintain the growth for Bitcoin (BTC) till the halving?
Cover image via www.tradingview.com

The cryptocurrency market is clearing each obstacle along the way to new heights. Almost all of the coins from the Top 10 list are in the green except for Ethereum (ETH), Binance Coin (BNB), and Tezos (XTZ).

Top 10 coins by Coinstats

Meanwhile, the dominance rate for Bitcoin (BTC) has remained unchanged since yesterday and is currently sitting at 65.5%. In terms of the monthly change, BTC also remains in the same position.

BTC’s dominance rate

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

  • Name: Bitcoin

  • Ticker: BTC

  • Market Cap: $165,367,683,581

  • Price: $9,007.31

  • Volume (24H): $46,826,931,120

  • Change (24H): 0.79%

BTC/USD: Is the $10,000 Mark the Possible Local Height?

Our last Bitcoin (BTC) price prediction came true as the main crypto reached its resistance level of $9,165 and is currently trading below it.

BTC/USD chart by TradingView

Looking at the 4H chart, Bitcoin (BTC) is facing a correction after failing to fix above the $9,200 mark. The current decline is also accompanied by a decrease in trading volume.

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For the moment, the closest support level is located near the $8,600 zone, where sellers may drop the rate before the buyers come back into the game. If the bears break the $8,600 mark, then a bullish scenario will be cancelled.

BTC/USD chart by TradingView

Looking at the daily time frame, Bitcoin (BTC) is heading towards a vital level of $9,500. There is enough liquidity for crypto as the trading volume remains at a relatively high level. What is more, the Moving Average Convergence/Divergence (MACD) indicator is located in the green, confirming the dominance of buyers.

At press time, Bitcoin was trading at $8,873.

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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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