Bitcoin Price Prediction — Bitcoin Broke the Support at $8,000. When Does the Growth Start?

  • Denys Serhiichuk
    📈 Price Predictions

    💱⤵The leading cryptocurrency fell to $8,000. Our analysis gives suggestions for what to do to save one’s deposit💾💾


Bitcoin Price Prediction — Bitcoin Broke the Support at $8,000. When Does the Growth Start?

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.

A long-awaited correctional movement happened, but a bit earlier than predicted. On Tuesday, June 4, Bitcoin fell sharply, and its price dropped below $8,000; over the past day, its rate reduced by 7.6%. The amount of transactions with the asset over the past 24 hours has decreased by $3 bln to $23 bln.

Bitcoin Charts

Over the past days, Bitcoin has been located between the values of $8,500 and $8,800, after failing to consolidate above $9,000.

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Analyzing the reasons for today’s market dump, nothing points to fundamental causes, but rather traders have fixed their profits.

Now, let’s get to the chart to predict the rate in the short and long term.

BTC/USD 1-hour chart

Although Bitcoin lost around $500 over 24 hours, the general tendencies remain bullish, as BTC is located above the vital support at $7,500. What is more, the Fibonacci retracement is in the red zone, and the potential bounce back is likely to happen to $8,117 (38.2%) in the short-term scenario. The RSI pattern also indicates that bears have nothing to sell, and soon bulls may retake the initiative.

BTC/USD 4-hour chart

On the bigger time frames, Bitcoin is also looking promising, struggling to fix at the psychological $8,000 level. The technical indicators back this suggestion: the MACD indicator is about to change the trend from bearish to bullish, while RSI has bounced off from the oversold area.

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Overall, if any further market dumps occur, the price for 1 BTC might reach $9,000 by mid-June.

The price of BTC is trading at $8,009 at the time of writing.

Cover image via www.123rf.com
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About the author

Being a passionate blockchain enthusiast Denys has a vast experience in сryptocurrency market analysis, as well as blockchain related projects. All this is backed up by his working at W12 platform, Platinum Listing & ICO Advisory company, Export.Online and many others.

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Litecoin Price Analysis — Can the Upcoming Halving Push the Price to $150?

  • Denys Serhiichuk
    📈 Price Predictions

    After spectacular growth, Litecoin is moving even higher. Does LTC have strength for a new bull run before halving?


Litecoin Price Analysis — Can the Upcoming Halving Push the Price to $150?

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.

While the cryptocurrency market is waiting for a new bull run or a potential decline, Litecoin keeps going up. Currently, its quotes have increased by almost 4% over the last day; it is the only coin out of the top 5 who has not lost the value compared to its price yesterday.

Litecoin chart by CoinMarketCap

Besides the upcoming halving, the price increase might have been caused due to the partnership of Litecoin Foundation with the Bibox exchange and the blockchain-company Ternio, whose goal is to issue a plastic cryptocurrency debit card.

“The upcoming LTC reward halving will push price to $160-$170 per LTC in the middle of July, but for 1 week before halving will happen we are waiting that traders will start to fix their profit and price will have a correction on $120-$130 price level,” says Artur Dzhalilov, CEO at Vexel.

Now, let’s get to the chart to analyze the future LTC rate.

 LTC/USD chart by TradingView

On the hourly graph, the "digital silver" is located under the bullish tendencies, even after a prolonged bull run. In this case, traders might expect the price to be at the nearest resistance level of $140 in the short-term scenario. The RSI indicator confirms it, as its lines are moving north, to the oversold area. Moreover, it looks like trading volumes are not going to decrease, remaining at their maximum positions.

LTC/USD chart by TradingView

On the 4-hour chart, the scenario looks less favorable, as Litecoin has still not faced an expected rollback. The MACD indicator is bearish, confirming the upcoming price drop.

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Besides, the trading volumes had also declined compared to the time when LTC rocketed from the 6th place to the 4th in the global crypto ranking. Taking it into consideration, the correction might push the price back to the nearest support at $125.

The price of LTC is trading at $137.62 at the time of writing.

Cover image via 123rf.com
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About the author

Being a passionate blockchain enthusiast Denys has a vast experience in сryptocurrency market analysis, as well as blockchain related projects. All this is backed up by his working at W12 platform, Platinum Listing & ICO Advisory company, Export.Online and many others.

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