Bitcoin (BTC) Price Prediction — Rising to $6,000 or Fall to $4,000?

Price Predictions
Sat, 03/14/2020 - 14:20
Denys Serhiichuk
Should we see the current state of Bitcoin (BTC) as an accumulation period?
Cover image via www.tradingview.com

The cryptocurrency market is recovering slightly after a dump that has lasted a few days. Currently, some of the top 10 coins are in the green zone while the biggest gainer is Bitcoin SV (BSV), whose rate has risen by 4% over the past 24 hours.

Top 10 coins by Coinstats

The overall market decline has affected altcoins more than Bitcoin (BTC). The main crypto's market share has increased by a small percentage with the current index amounting to 63.8%.

BTC’s dominance rate

Relevant data for Bitcoin is below.

  • Name: Bitcoin

  • Ticker: BTC

  • Market Cap: $99 120 604 133

  • Price: $5,425.28

  • Volume (24h): $49 282 804 836

  • Change (24h):-2.36%

The data is relevant at press time.

BTC/USD: Has the accumulative period already begun?

After a fall to almost $3,500, Bitcoin (BTC) continues trading sideways in the $5,000-$5,800 range. However, its losses over the past week have been significant as the coin has dumped 40%.

BTC/USD chart by TradingView

On the daily chart, we can view the current situation as an accumulation before upcoming growth. It is too early to think that the bottom has already passed. However, Bitcoin (BTC) is oversold, even on the big time frames.

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In this case, the nearest resistance the chief crypto may find is in the $7,000-$7,100 area. Moreover, there is high liquidity in this price range.

BTC/USD chart by TradingView

On the weekly chart, it is crucial to pay attention to the MA 200. If Bitcoin (BTC) closes below it in the current week, we can expect a bearish period of a few months. Otherwise, traders can expect a sideways trend between $6,000 and $7,000 shortly. It is important to consider that growth is possible only through an accumulation phase. 

Bitcoin is trading at $5,396 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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