Bitcoin (BTC) Price Prediction — Is $8,000 Local Height Before Halving?

Price Predictions
Tue, 04/28/2020 - 13:49
Denys Serhiichuk
Can Bitcoin (BTC) hold the ongoing growth after reaching the $8,000 mark?
Cover image via www.tradingview.com

The bullish mood is getting stronger among the coins from the top 10 list. While Bitcoin (BTC) is located in a sideways trend, altcoins are not losing time and continue rising. XRP is the main gainer. Its price has gone up by 6% over the past day.

Top 10 coins by Coinstats

While altcoins are rising, the market share of Bitcoin (BTC) continues slightly decreasing. On the dominance rate index, it currently amounts to 63.6%.

BTC’s market share

The relevant data for Bitcoin is below.

  • Name: Bitcoin

  • Ticker: BTC

  • Market Cap: $142 382 403 581

  • Price: $7,759.29

  • Volume (24h): $33 000 509 008

  • Change (24h): 0.72%

The data is relevant at press time.

BTC/USD: Could it reach $8,000 before the halving?

Our Bitcoin (BTC) price prediction from yesterday remains relevant as the price has remained above the $7,600 mark. Meanwhile, the rise over the past 24 hours has amounted to almost 1%.

BTC/USD chart by TradingView

Now the 100 SMA line is above 200 SMA, which suggests that the path of least resistance is upwards and that the rise is more likely to gain strength than turn in the opposite direction - to the bottom. The gap between the indicators is gradually widening, reflecting strong bullish momentum and, therefore, the price is finding support at the dynamic inflection point of the 100 SMA.

Related
Bitcoin (BTC) Price to Target $10,000 if it Breaks Monthly Resistance: Top Analyst

Sales volume remains low as traders seem to be holding the next big catalyst before starting to accumulate long positions. The stochastic indicator is still moving up to reflect the presence of bullish pressure, but the oscillator is already approaching the overbought zone to signal a decrease in enthusiasm among buyers. In this case, we can expect a sharp drop from the $8,000-$8,200 area.

BTC/USD chart by TradingView

On the 4H chart, the sideways trend is prevailing. The lines of the Bollinger Band indicator confirm the relevant parity between bulls and bears. The most likely scenario traders may see is Bitcoin (BTC) trading in the range between $7,800 and $8,000. If bulls can hold the $8,000 level, growth will continue.

Bitcoin is trading at $7,754 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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