Bitcoin Price Prediction — The 12-month Maximum Is Updated. Can the Rally Extend to $9,000?

Price Predictions
Tue, 05/28/2019 - 02:00
Denys Serhiichuk
May 27 has started✔️ with the maintained BTC pump. Our prediction describes where🌐❔ the ceiling is and how to adjust to the current 📊situation
Cover image via www.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.

The price of Bitcoin continued to rise on Monday and updated the annual maximum once again; its rate is approaching $9,000.

The rise was caused by demand from individuals – institutional players were not active at that time, as their trading platforms did not work.

card

At the same time, the general background has become generally typical: Bitcoin is becoming more expensive while the key Wall Street indices keep falling (the S&P 500, Nasdaq, and Dow Jones, or at least one of them).

As a whole, since the beginning of the year, the cost of Bitcoin has jumped by 130%, but the coin is very far from the highs of 2017 when its rate was close to $20,000.

NASDAQ chart by TradingView

Crypto enthusiasts are sure that Bitcoin and the whole market will go up; the majority does not want to think about a correction. Such tendencies are confirmed by the BTC rainbow, which reflects the market sentiments from “Basically a Fire Sale” to “Maximum Bubble Territory” depending on the rate.

BTC price chart by Blockchain Center

However, now longs prevail over shorts, worth $452 mln and $197 mln respectively.

card

Regarding the technical perspective, the BTC chart looks the following way.

BTC/USD chart by TradingView

According to the 4-hour graph, Bitcoin has been bullish since May 16, and the current level is not the peak in terms of the long-term scenario. Bulls have managed to fix over $8,500. However, reaching $9,000 is unlikely to happen until the end of May (RSI is overbought).

The potential course of events is a slight correction to $8,450 and then growth to $9,000 and above. Fortunately, a deep correction is not predicted, so traders might not likely see levels below $8,000.

The price of BTC is trading at $8,697 at the time of writing.

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 makes 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, can be contacted at denys.serhiichuk@u.today.


Articles by author

This site uses cookies for different purposes. Please set your preferences in Cookie Settings and visit our Cookie policy for more information on how and why cookies are used on this site. Click here for cookie policy

Cookie settings