Bitcoin (BTC) Price Prediction — Is $7,700 Bottom Before Possible Rise?

Price Predictions
Mon, 03/09/2020 - 12:26
Denys Serhiichuk

Has the bullish trend ended for Bitcoin (BTC) or will there be a deep correction before new heights?

Cover image via www.tradingview.com

March 9 has started with continued decline in the cryptocurrency market. All of the top 10 coins are in the red zone. This is the biggest drop since the beginning of 2020. Litecoin (LTC) has faced the biggest loss out of all of the top 10 coins. Its drop has amounted to 15%.

Top 10 coins by Coinstats

The market drop has affected overall capitalization, which has declined by around $20 Bln over the past 7 days.

Cryptocurrency market capitalization

The relevant data for Bitcoin is below.

  • Name: Bitcoin

  • Ticker: BTC

  • Market Cap: $145 300 713 623

  • Price: $7 956.69

  • Volume (24h): $46 644 058 990

  • Change (24h): -9.32%

The data is relevant at press time.

BTC/USD: Has the bullish trend finished?

The rate of the main crypto has dropped by more than $1,000 in the past days. This is the deepest correction of 2020. The price of Bitcoin (BTC) has dropped 9.19% in the past 24 hours.

BTC/USD chart by TradingView

On the 4H chart, Bitcoin (BTC) has found local support at $7,700. There is little chance that a drop will continue in the short-term, as there is almost non-liquidity below $7,700-$7,800. As a result, a more likely scenario is consolidation in the range between $8,000-$8,150.

BTC/USD chart by TradingView

On the daily time frame, bearish sentiments have just begun. The current drop has absorbed all of the growth since the beginning of 2020. Analyzing the chart, Bitcoin (BTC) has not even reached the oversold zone according to the RSI indicator, suggesting that the current level is not the bottom.

Related
Bitcoin (BTC) Price Likely Heading for $7,350, Top Analysts Say

The next crucial support is around $8,400-$8,500. If the coin cannot hold above $8,000, it will reach the aforementioned levels by the end of the current week.

Bitcoin is trading at $7,791 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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