Bitcoin (BTC) Price Prediction — One More Attempt at Breaking $7,000?

Price Predictions
Fri, 03/27/2020 - 10:41
Denys Serhiichuk
Are there any chances left for Bitcoin (BTC) to hold above $7,000?
Cover image via www.tradingview.com

Bulls have seized the initiative again after Bitcoin (BTC) made one more attempt at reaching $7,000. At the moment, all of the coins from the top 10 list are in the green zone.

Top 10 coins by Coinstats

Today's growth of most of the coins has positively affected total cryptocurrency market capitalization, which has increased and currently amounts to $183.2 Bln.

Total market capitalization

The relevant data for Bitcoin is below.

  • Name: Bitcoin

  • Ticker: BTC

  • Market Cap: $122 623 892 132

  • Price: $6,704.62

  • Volume (24h): $36 026 632 909

  • Change (24h): 0.86%

The data is relevant at press time.

BTC/USD: Is $7,000 the last resistance before a more profound decline?

The rise has not been broken and Bitcoin (BTC) has continued trading in it. The rate of the chief crypto has risen by 0.78% over the past 24 hours.

BTC/USD chart by TradingView

Bitcoin (BTC) is getting closer to $7,000; however, this growth is not accompanied by rising trading volume. In this case, there is a good chance of a false breakout.

Related
Bitcoin Price Targets $6,400 Zone to Soar Right After

In terms of fundamentals, today is the expiration of Bitcoin futures, which is usually a bearish signal. Summing up, traders can expect a rise to $7,000, followed by further decline.

BTC/USD chart by TradingView

On the daily time frame, Bitcoin (BTC) is located within a Wedge pattern, which is bearish. After a possible pump to $7,000, the decline will continue. Regarding the long-term, the drop may continue to the vital support at $6,000.

Bitcoin (BTC) is trading at $6,642 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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