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Bitcoin Price Likely to Surge to $13,000 after Trading Sideways: Crypto Analyst

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  • Yuri Molchan
    📰 News

    Bigger picture is still looking fine, long term trend is still active, a crypto analyst says, though BTC may trade sideways for a while

Bitcoin Price Likely to Surge to $13,000 after Trading Sideways: Crypto Analyst
Cover image via 123rf.com

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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Earlier today, the Bitcoin price rose to the $7,790 area and still keeps growing. As reported by U.Today earlier, Bitcoin has entered a buying trend and so it could be dangerous to short BTC as the flagship currency aims at retaking the $8,000 level.

Bitcoin price CMC
Image via CoinMarketCap

Some analysts, though, keep betting on the bearish effect on the market, saying the Bitcoin price may go down. But others are joyfully saying that even though BTC might not surge right away, the overall uptrend is still intact.

$13,000 level after a few months of trading sideways?

Analyst @CryptoMichNL points out that even though the trendline inside the downtrend is still holding up, overall, the long term bullish trend remains.

Bitcoin could trade sideways for a few months, he adds. However, on the chart, the analyst has drawn a rising line to mark the aim he expects Bitcoin to reach after that – the $13,000 area.

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Bearish forecast: $6,300

Another trader and analyst, @nebraskangooner, seems to be sharing a bearish sentiment. He says that from the current level, the Bitcoin price is likely to decline – all the way to $6,300.

Bitcoin bulls should be purged from Twitter: Peter Brandt

Previously, U.Today reported that the veteran trader Peter Brandt spoke negatively of those Bitcoin bulls who are expecting instant enrichment and do not accept the fact of the market volatility.

He believes Bitcoin will be able to hit the $50,000 target only once the last bull disappears from Twitter.

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About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.

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BTC, LTC, XTZ, TRX Price Prediction - Can Bulls Fix the Ongoing Growth?

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  • Denys Serhiichuk
    📈 Price Predictions

    Has the bearish trend finally come to the end?

BTC, LTC, XTZ, TRX Price Prediction - Can Bulls Fix the Ongoing Growth?
Cover image via www.tradingview.com

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.

The bears are continuing to apply pressure on the main cryptocurrencies. However, the altcoins are testing their support levels. If the bulls manage to maintain these levels, then one should expect a good rebound ticking upwards.

Top 10 coins by Coinstats

Below is key information for Bitcoin (BTC), Litecoin (LTC), TRON (TRX), and Tezos (XTZ):

Name

Ticker

Market Cap

Price 

Volume (24H)

Change (24H)

Bitcoin

BTC

$136,870,530,589

$7,566.87

$17,335,699,425

2.67%

Litecoin

LTC

$2,935,607,698

$46.02

$2,553,535,223

3.02%

TRON

TRX

$981,336,616

$0.014717

$970,524,056

0.18%

Tezos

XTZ

$926,823,387

$1.40

$50,581,767

8.84%

BTC/USD 

Yesterday's symmetrical triangle was broken up. There was solid growth, but the sellers did not step aside. This is evidenced by the candles' long shadows. Buyers are able to maintain the price at $7,500 but are unable to break through the $7,650 mark. So far, nothing is clear as to furthering the priority of movements in the market.

BTC/USD chart by TradingView

On one hand, the candles' large shadows and small volumes of growth indicate seller dominance. BTC may trend downwards to $7,300. If it breaks through that level, then BTC will go to $6,900-$7,100. 

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On the other hand, the price has broken the aforementioned trend line, which has held the cryptocurrency's rate back since October. In general, BTC is expected to drop to $7,300, but if the cryptocurrency is fixed above $7,650, then BTC will move to $7,800.

At press time, BTC is trading at $7,544.

LTC/USD 

LTC is trading in accordance to our recent forecast between the $42-$52 range. Its rate has increased by 2.68% since yesterday.

LTC/USD chart by TradingView

Looking at the 4H chart, LTC touched the local bottom at $42. In terms of its nearest price scenario, the bulls are dominating over the bears. The Moving Average Convergence/Divergence (MACD) is bullish, and the closest mark that LTC might reach is $50. If the current forecast comes true, then the quotes will move based on the curve pattern as outlined on the chart.

At press time, LTC is trading at $45.73.

TRX/USD 

TRX has also followed our previous scenario as the its price of $0.014 has been retested.

TRX/USD chart by TradingView

Looking at the 1D chart, the bearish trend remains even on a short-term basis. TRX has currently formed a head and shoulders pattern and is likely to move downwards due to the low trading volume. The relative strength index (RSI) line is also going down, with the nearest price target being at $0.135.

At press time, TRX is trading at $0.0147.

XTZ/USD 

XTZ has had the biggest gains today. Its rate has rocketed up by 8.46% in the last 24 hours.

XTZ/USD chart by TradingView

Despite the sharp growth, this altcoin cannot be considered the start of a bullish trend. XTZ is about to roll back to its nearest support level of $1.35. Moreover, the RSI is located on the edge of the oversold area, suggesting an upcoming decline.

At press time, XTZ is trading at $1.3978.

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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 make 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.

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