Bitcoin (BTC) Price Prediction — Will Bulls Reach $10,000 This Week?

Price Predictions
Wed, 05/06/2020 - 14:00
Denys Serhiichuk
Has the correction phase of Bitcoin (BTC) already started or is $10,000 still possible before the halving?
Cover image via www.tradingview.com

The cryptocurrency market is again bullish. All of the top 10 coins are under buyer dominance, while the top gainer is Bitcoin (BTC), whose rate has gone up by more than 4% over the past day.

Top 10 coins by Coinstats

As the chief coin is rising faster than altcoins, it has affected the market share of Bitcoin (BTC). At the moment, the dominance rate has come back above 65% and is now at 66.5%.

BTC’s dominance rate

The relevant data for Bitcoin is as follows.

  • Name: Bitcoin

  • Ticker: BTC

  • Market Cap: $170 124 919 695

  • Price: $9,263.45

  • Volume (24h): $46 742 167 026

  • Change (24h): 4.13%

The data is relevant at press time.

BTC/USD: Can the growth continue after the halving?

For several days, the price of Bitcoin (BTC) was consolidated in a triangle with the upper limit in the region of $9,100. Today, the coin again broke the psychological mark of $9,000. The growth over the past week has amounted to around 11%.

BTC/USD chart by TradingView

The buying volume confirms bulls' intentions to push the price higher. Moreover, the last 4H candle has closed bullish, having absorbed the previous ones.

Related
Bitcoin (BTC) Price May Briefly Hit $8,000-$6,000 after Halving, Expert Believes

There is also enough liquidity at the current level, which means that the bullish scenario prevails over the bearish one. In this case, traders can expect Bitcoin (BTC) to trade around $9,750 soon.

BTC/USD chart by TradingView

On the daily chart, the bullish mood is getting weaker. The Relative Strength Index is already located in the overbought area. If buyers can overcome the $9,500 mark, the next stop is an important resistance at $10,211. In addition, the rising MA 50 confirms the potential for bulls to push the rate higher. 

Bitcoin is trading at $9,212 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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