New! Bitcoin Price Prediction: $3,600 BTC Price Is a Very Likely Scenario. When to Invest in Bitcoin (BTC)?
New! Bitcoin Price Prediction: $3,600 BTC Price Is a Very Likely Scenario. When to Invest in Bitcoin (BTC)?

Bitcoin Price Analysis - Testing Support, Long-Term Forecast Is…

  • Thomas Hughes
    📈 Price Predictions

    💣Bitcoin price is testing support along the short-term moving average and may display some weakness in the near-term 💰

Bitcoin Price Analysis - Testing Support, Long-Term Forecast Is…
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Bitcoin price is testing support along the short-term moving average and may display some weakness in the near-term. The long-term analysis is bullish and supported by the inevitable listing of a Bitcoin-based ETF.

The Bitcoin Winter Is Coming to An End

Bitcoin price hit an important bottom in late 2018. The world’s leading digital token and #1 crypto by market cap turned bullish and bounced strongly from the $3,200 price level. By my analysis Bitcoin looks like it could continue to rise over the longer-term. The move is still gaining strength, there may be additional consolidation before an uptrend begins, but the fact remains; the Bitcoin Winter is coming to an end, a higher price for Bitcoin is on the way.

Bitcoin bounced from support, the analysis is bullish but when will it move higher?

What is Bitcoin Winter?

The Bitcoin Winter refers to the past 14 months of trading action, trading action that was induced by global regulators. Regulators, starting in late 2017, cast a shadow of doubt across the entire cryptocurrency market. They erected barriers to entry and hurdles for traders, they failed to embrace regulation and standardization, and the market froze. Buyers disappeared, sellers took control, and price valuations plummeted.

  1. Bitcoin - Market cap $68.7 billion

  2. Ethereum - Market cap $14 billion

  3. Ripple - Market cap $11 billion

The Bitcoin Market Thaws

Last year, mid-December to be exact, something extraordinary happened. Bitcoin surged more than 10% from a one-year low price level on the 1-year anniversary of its all-time high. The move was driven by nothing more than market sentiment but it was an important move and showed us the bears were losing their grip. Since then the token has drifted up and to the side waiting for news that is more fundamentally sound.

That news came in February although it was not the smoking-gun catalyst for a rally it could have been. The SEC commissioner said that a Bitcoin ETF was inevitable. This news confirms the hopes and dreams of virtually all Bitcoin investors but with one caveat. They aren’t rushing to have one listed. There are still hurdles to Bitcoin’s admission to mainstream investing markets and the number one is infrastructure. There just isn’t the infrastructure to ensure the proper functioning of retail markets and safeties for retail bitcoin investors.

This Could Be the Best Bitcoin Catalyst Ever

The Bakkt exchange could be the best Bitcoin price catalysts ever, if it ever launches, and not just for Bitcoin. For the entire crypto market. Bakkt is a joint project between the Intercontinental Exchange and partners. It is a full-service infrastructure package designed to facilitate crypto investment and trading, atomic swaps, clearing services, warehousing of tokens, and reporting requirements as outlined by the SEC. The ICE says it is intending to launch the exchange later this year but it has already been delayed twice so that is questionable.

SEC Commissioner Robert Jackson says “Eventually, do I think someone will satisfy the standards that we’ve laid out there? I hope so, yes, and I think so. Getting the stamp of approval from the deepest and most liquid capital markets in the world is hard, and it should be. Once we make it available to everyday mom and pop investors, we are taking risks that Americans can get hurt.”

The takeaway for traders is that Bakkt will provide all the infrastructure needed to satisfy the SEC regarding a Bitcoin ETF. This does not mean the SEC will approve a Bitcoin ETF but many in the industry see the launch of Bakkt as a reasonable target to expect serious SEC action regarding the much-anticipated Bitcoin ETF. When the ETF is launched it will be the strongest price catalyst the crypto market has ever seen.

The Bitcoin Price Analysis, A Six-Month Forecast

The Bitcoin price is moving up over the near-term and supported by the short-term moving average near the $3850 level. This is strong support at the time and expected to keep price edging higher in the near-term. Resistance is near $4,200 and may keep price contained in the near-term. Bullish traders should wait for a break of resistance at $4200 price level but, once broken, I expect to see Bitcoin price move up to the $5,600 and $6,400 levels over the next six months and drive the entire crypto market higher with it.

Bitcoin chart analysis is bullish in March but traders should be cautious

BTC/USD chart by TradingView

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New! Bitcoin Price Prediction: $3,600 BTC Price Is a Very Likely Scenario. When to Invest in Bitcoin (BTC)?

New! Bitcoin Price Prediction: $3,600 BTC Price Is a Very Likely Scenario. When to Invest in Bitcoin (BTC)?
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After trying to retain the position above $4,000, Bitcoin seems to be stuck. What to expect from BTC during the following weeks? What’s the best time to invest in Bitcoin? Let’s try to figure it out with tradingview users: they will provide their BTC price predictions and opinions about investment strategies.

Bitcoin has to break another resistance

Both shortage and resistance breaking are possible for BTC

Bitcoin price chart from DianKemala

This BTC price chart clearly explains the influence of the Fibonacci level on its price. Traders saw a big bearish candle 2 days ago, but bears stopped at $3,936 and started performing a sideways consolidation pattern.

Bitcoin failed to break the Fibonacci resistance zone (4004 - 3986), which isn’t a bullish sign, but we have another resistance above at $4,038. If Bitcoin is able to break up this resistance, the bullish period will continue. The important support before the bearish period is around $3,936. If this support breaks down, expect a bearish target at $3,860, or maximum at $3,780. 

Will BTC get back to $3,600?

$3,600 level is ideal for investments

Bitcoin price chart from MarcPMarkets

We are watching the BTC market trying to overcome 4K resistance level with varying success. According to MarcPMarkets, the current BTC trading environment does not offer an attractive reward/risk for putting any new money to work.

All risks should be properly assessed. The low 4K area is still the range resistance, while the lower 3K area is the range support. In the green box, you can view the potential reward, while the red box represents the potential risk. Why would we put on any new swing trades at range highs when chances are the price is more likely to test much lower levels in the short term? 

Candlesticks or RSI are not the only signals of upcoming BTC fall. The fact that price is beginning to show signs of structural weakness confirms our reasoning that staying out of any new swing trades near the range highs is the best choice for now. Support levels begin around the high 3600s and continue through to the 3450 levels. That might be the ideal time for investments.

Although supply may be slowly removed from the market, it will take some time before the effects play out. So we will continue to wait for two particular scenarios: 1) price retraces toward the lower part of the range for a reversal to go long; or 2) price breaks beyond 4150 and provides a momentum continuation pattern for a long.

BTC is ready for capitulation

 BTC movement is around the corner

Bitcoin price chart from DataPatron

During several months Bitcoin was consolidating in a tight range between $3,300 and $4,400. Now it seems to be completing sideways mission, and long term volatility promises a serious movement that’s around the corner.

I am almost sure another red leg symmetrical to the previous one (from 6 to 3k) is before us.

All in all, Bitcoin is in a broader recovery over the long term, but the short term is just not in a position that offers attractive reward/risk. Consider an investment in BTC, if it hits the $3,600-3,700 bottom line in a few weeks.

BTC/USD price chart on TradingView

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

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