Bitcoin (BTC) Price Prediction — Is $9,000 a Setup Point for $10,000?

📈 Price Predictions
Wed, 02/05/2020 - 12:20
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After a short period of sideways trading, the cryptocurrency market has renewed its bullish sentiments. While Bitcoin (BTC) has risen by only 1.73%, all of the top 10 altcoins have increased in value much more. The top gainer is Bitcoin Cash (BCH), whose rate has rocketed by 11.11% over the previous 24 hours.

Top 10 coins by Coinstats
Top 10 coins by Coinstats

At the same time, overal market capitalization keeps growing. The current index makes up $263.1 Bln.

Cryptocurrency market cap
Cryptocurrency market cap

Below is the key data for Bitcoin.

  • Name: Bitcoin

  • Ticker: BTC

  • Market Cap: $170 974 380 478

  • Price: $9 393,65

  • Volume (24h): $30 079 651 625

  • Change (24h): 2.20%

This data is relevant at press time.

BTC/USD: Coming back to $9,600 or $9,200?

After a correction to almost $9,000, Bitcoin (BTC) has quickly returned to the $9,400-$9,450 area. However, it needs a more profound decline to confirm the ongoing bullish trend.

BTC/USD chart by TradingView
BTC/USD chart by TradingView

According to the current situation on the market, the growth is not accompanied by huge trading volume. Moreover, a bearish divergence still exists on the RSI indicator.

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In this case, the more likely scenario is a rollback to the liquidity area in the range of $9,150-$9,200. If the current price rise continues, traders might expect a deeper drop to around $9,000.

BTC/USD chart by TradingView
BTC/USD chart by TradingView

On the daily chart, a bearish mood is becoming more vivid, even though the MA 50 has crossed the MA 100. Despite bulls trying to keep the price at the current high levels, trading volume is slightly dropping. Respectively, Bitcoin (BTC) might touch the $8,900 level, where the MA 200 is currently located. Overall, the moving average serves as the support zone of the confirmed bullish trend.

Bitcoin is trading at $9,427 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 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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