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📈 Price Predictions
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Bitcoin Price Prediction Is $6,000. What Happens When It Hits the New High?

Bitcoin Price Prediction Is $6,000. What Happens When It Hits the New High?
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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.

Contents

Bitcoin is moving steadily to overcome the $5,500 threshold easily, and traders are wondering whether it will reach new higher high during this bullish period. What to expect from Bitcoin in the short term? Should we buy or hold it? Read Bitcoin price predictions from tradingview experts to find this out.

2017 vs 2019 BTC performance – What’s the difference?

BTC might soar at any time

The user filbfilb has decided to compare BTC’s similarity between 2017 and 2019 in the way in which we bottomed from $5,000->$3,000 2017 and broke back to $5,000. It took a lot longer this time in a bear market.

The right hand 2019 chart is running 4x slower than the left hand chart. The main reasons why BTC might soar like this if Tether doesn’t destroy the market are:

  • The uptrend shown is around the same length as the down trend

  • The halvening hype

  • FOMO

So after making this observation, filbfilb has concluded that if we break the $6,000 level, Bitcoin will be ready to skyrocket due to the strength of the FOMO in this market.

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Yet, there’s something to take care of first. Now, we are facing the strongest resistance in Bitcoin history with EMA100 1W resistance ($5,750-$5,850). A resistance that hits it equals a huge drop that will hold everyone to finger. Everything might happen in a few hours and we'll see that we've fallen 30 to 40 percent!

Also, filbfilb warns us that until now, the only fraudulent companies manufacturing a miner machine have been behind this pump. Their money is over and there is no new money to inject and enter the market.

The trend might change to the better

BTC should stay above $5,600

Bitcoin whales have made a pull once again fooling us, giving all the signs of divergence and whatever more. This is pure manipulation and, as botje11 mentioned in his previous BTC analysis, they are probably putting pressure on all the shorts that protected themselves since the Bitfinex issues from a week ago. Alts are still not strong enough, so this seems to be July 2018 all over again.

Meaning, Bitcoin can simply continue to rally coming week (or not), but alts will very likely stay far behind or maybe even dump. This is also very likely a confirmation that this rally is just temporary. Since there is no support from the rest of the market, it might be just a manipulation of the shorts/longs to push the price higher. So this rally is carried by a few people and not by the whole market. As long as we stay above $5,600, it’s very likely to see this continue in the coming week.

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Bulls are controlling the market

Watch the 4H charts

Bulls are in full control, breaking to higher highs and heading right into the zone everyone is watching in the $6,000 range. However, as TheChartGuys have noticed, every time we head to higher highs, some bears are waiting for a new low of the year are converted. Each time, the odds shift a bit more to favor the bottom.

ETH and LTC have clearly formed weekly higher lows, while BTC has yet to consolidate for a weekly higher low. Traders should continue to monitor the 4-hour uptrend to keep the bulls in complete control. Bears need to patiently wait to have resistances to trade against but they would need to see a loss of the 4-hour uptrend to indicate daily consolidation coming.

The time is ripe for Bitcoin to hit the $6,000 mark – when the $5,500 resistance has been overcome recently, it becomes easier for BTC to hit this ceiling again. However, no one can give you 100% warranties, and if BTC suddenly decides to retrace, it will be the right time to invest.

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About the author

Crypto writer, blockchain geek & Bitcoin holder with a strong belief in the power of cryptocurrency. Veronika combines in-depth analytical approach with creative writing to deliver the texts that both inform and entertain. With hundreds of reviews, SEO articles and marketing texts under the belt, she has experience of working for blockchain Medium channels, Cryptodiffer site and ICOs. Part of U.Today team since 2018, she focuses on crypto price predictions and monitors the market to provide the most relevant info & opinions.

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📰 News
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Crypto Exchange Huobi Completes $40 Mln Token Burn for Q3

  • Alex Dovbnya
    📰 News

    Cryptocurrency exchange Huobi announces the results of its quarterly burn

Crypto Exchange Huobi Completes $40 Mln Token Burn for Q3
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According to a press release obtained by U.Today, Singapore-based exchange Huobi continues to reduce the supply of its native Huobi Token. In Q3, it burned $40.63 mln worth of HT, which represents a 70.6 percent increase compared to the previous year. 

Huobi purchases back outstanding tokens from investors in order to reduce the circulating supply of HT and stabilize its price. It is worth noting that the amount of tokens it burns every quarter depends on particular market conditions.   

The company cites the success of its spot trading and derivatives trading markets as the main reason for another token burn. 

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Huobi Token is the second-largest exchange coin token after Binance Coin (BNB). At press time, the coin's price is sitting at $3.46 with its market cap exceeding $810 mln, according to CoinStatsData.    

Huobi Global CEO Livio Weng claims that the cryptocurrency plays "a core role" in the Huobi ecosystem.  

"Huobi Token plays a core role in the Huobi ecosystem. The continued growth from Huobi’s token burns reflects the community’s active participation and optimistic outlook for our efforts to provide users with new services, lower fees, and a secure platform to trade on."

One of the oldest crypto trading platforms has already burned 13.8 percent of its native coin's circulating supply, which is currently sitting at 234,205,522.92 HT. 

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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