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BTC/USD Bitcoin Price Prediction — Bulls Have Become More Powerful: $6,000 Is the Next Stop

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  • Denys Serhiichuk
    📈 Price Predictions

    Step by step, the main cryptocurrency is regaining the lost positions. What to expect next: $6,000 or $10,000? The following analysis will help you to figure it out

BTC/USD Bitcoin Price Prediction — Bulls Have Become More Powerful: $6,000 Is the Next Stop
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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.

ByBit

Cryptocurrency enthusiasts will definitely never forget April 23, when the price of BTC increased by $200 just in 2 hours. The coin even reached $5,650 but then came back to the $5,550 mark.

Over the last month, the volatility of the main cryptocurrency has increased by almost 200%, and the rate keeps going up. One of the catalysts of today’s growth can be the news that Amazon is about to start selling goods for cryptocurrency: Bitcoin, Litecoin and Ethereum.

Let’s get into technical analysis in order to understand how such growth can affect BTC’s rate.

BTC/USD chart by TradingView

The 1-hour chart shows that the powerful upward movement was accompanied by an increase in trading volumes. Currently, “digital gold” is trading in the area of $5,540- $5,550, which corresponds to the price values of mid-November last year.

The next vital level is $5,600, however, buyers are not likely to reach it so fast, as the RSI indicator is located in the overbought zone.

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Now, let’s review the 4-hour chart to better understand the long-term prospects of the coin.

BTC/USD chart by TradingView

If we apply the Fibonacci Retracement to our graph, we can see that Bitcoin is overbought even in the long-term period. In order for the main cryptocurrency to continue its smooth growth, one should return to the green area (61.8%).

On the other hand, the MACD indicator shows that the trend is definitely bullish and reaching new highs will happen for sure.

Having analyzed technical and fundamental factors in terms of today’s growth, one can make the conclusion that the second influences the crypto market more than the first one.

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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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Bitcoin Price Forms Diamond Bottom Pattern, Signalling Bullish Breakout

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  • Alex Dovbnya
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    Bitcoin could witness a bullish breakout if its looming diamond pattern gets confirmed

Bitcoin Price Forms Diamond Bottom Pattern, Signalling Bullish Breakout
Cover image via u.today

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.

ByBit

The Bitcoin price is on the verge of forming a diamond bottom, which represents two juxtaposed symmetrical triangles. This a major bullish pattern that could be the bellwether of substantial price gains. 

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Top Bitcoin Trader on BitMEX Says He's "Long and Strong" as BTC Price Struggles to Hold $8,000

Top Bitcoin Trader on BitMEX Says He's

According to cryptocurrency trader "The Moon," Bitcoin has a 70 percent chance of a bullish breakout if the aforementioned pattern gets confirmed.   

That said, Bitcoin would need a huge buying volume for this scenario to translate into fruition. 

Trading vet Peter Brandt noticed that the XRP/BTC pair was about to complete a diamond bottom. However, Ripple's native token failed to rally even before the much-awaited SWELL event that took place on Nov. 7-Nov. 8.     

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Bitcoin Price Could Soon Drop 40 Percent, BitMEX Data Shows

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As reported by U.Today, BTC dropped to the low-$8,000 level due to lack of enthusiasm on the buyer's side who failed to step in to reclaim $9,000. At press time, the coin that started it all is changing hands at $8,165 after being rejected at $8,200. 

Given that Bitcoin has trimmed all of its recent gains, market sentiment is now predominantly bearish. It remains to be seen how long it will be able to hold the crucial $8,000 support.      

Bitcoin Price
image by coinstats.app

Earlier, market analyst Willy Woo claimed that BTC's bearish price action ahead of the halvening event could mean that it might not witness another bull market. 

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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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