Bitcoin (BTC) Weekly Price Prediction: Will Bulls Have Enough Power to Touch $8,500?

Price Predictions
Mon, 01/13/2020 - 13:59
Denys Serhiichuk
Is the new week gonna be a decisive one in terms of the long-term perspective on Bitcoin?
Cover image via www.tradingview.com

Bitcoin ended the previous week with an almost 10% growth rate. However, some altcoins showed even better price dynamics. The top gainer is Bitcoin SV whose rate has jumped by 40% over the last week.

Top 10 coins by Coinstats

The rise of altcoins has influenced the dominance rate of the leading crypto. Over the previous week, the market share of Bitcoin has been slightly going down and now makes up 67.9%. 

BTC Dominance rate

The relevant information about Bitcoin.

  • Name: Bitcoin

  • Ticker: BTC

  • Market Cap: $148 229 848 980

  • Price: $8 163,79

  • Volume (24h): $23 837 066 530

  • Change (7d): 9.12%

The data is relevant at the press time.

BTC/USD: Any Chances for Bulls to Finally Seize the Short-Term Initiative?

Bitcoin has been trading sideways since January 7 and neither bulls nor buyers control the situation on the market. However, one can notice the trading volume decline during the last days against the relative price growth.

BTC/USD chart by TradingView

Meanwhile, the Relative Strength Index is forming a bearish divergence, suggesting the nearest price decrease. In this case, the bottom of the channel is the support level of $7,850. Thus, the Visible Range indicator shows the low trading volume in that area which means that there are high chances that Bitcoin will attain that point. 

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TOP 3 Price Predictions: BTC, ETH, XRP — Levels to Watch Against a Possible Market Revival

Overall, the leading crypto is about to locate in a yellow range in the first days of the new week as it is outlined on the chart.

BTC/USD chart by TradingView

On the other hand, the downward correction is accompanied by low trading volumes and may be short-lived. If the price manages to gain a foothold above the $8,000 level, a local maximum retest around $8,400 might happen soon.

Bitcoin is trading at $8,099 at press time.

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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