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πŸ“ˆ Price Predictions

Bitcoin Price Prediction β€” Do Bulls Have the Power to Push BTC to $9,000?

  • Denys Serhiichuk
    πŸ“ˆ Price Predictions

    Are traders fixing their profits or are bears entering the market? Read our analysis to understand where this line is


Bitcoin Price Prediction β€” Do Bulls Have the Power to Push BTC to $9,000?

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.

Although Bitcoin has not shown growth today, the expected correction has not happened yet. The current situation differs a lot from the previous year when the price rise was followed by a sharp correction.

After the crushing 2018 bearish market, BTC has grown by more than 100%, and this performance has impacted the entire ecosystem. One of the reasons is the increasing volume on trading platforms.

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On May 27, the top ten cryptocurrency exchanges processed trading volumes of almost $2 bln. In general, 24-hour trading volume in the market amounted to $26 bln.

Bitcoin indicators are growing in many areas; for example, in 2019, the profitability of mining reached its maximum.

In terms of technical analysis, the picture looks the following way.

BTC/USD chart by TradingView

On the hourly chart, the quotes are moving according to our scenario, as the price has reduced by about 2% over the previous 24 hours. However, a more profound rollback will not happen, as the technical indicators are looking upwards.

The graph shows a dramatic exit from the triangle, which turns into the Bullish Flag trend continuation pattern. To realize the potential of this figure, the bulls need to pierce its upper boundary. This will open the way to the level of $9,942, and $10,000 respectively.

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The probability of a positive outcome of events increases with the location and slope of moving averages with periods of 50, 100, and 200. All of them are turned "north" and arranged in a series, one after the other.

BTC/USD chart by TradingView

The daily chart indicates almost the same scenario: MA with periods of 5 and 10 are directed upwards, and Chaikin Money Flow signals significant pressure from customers. A downward roll is likely to be stopped by the above-mentioned moving averages, passing through the $8,454 and $8,193 marks.

The price of BTC is trading at $8,665 at the time of writing.

Cover image via 123rf.com
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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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