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

Tue, 04/23/2019 - 13:14
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Denys Serhiichuk
?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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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
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.

Bitcoin Price Predictions: Is BTC to Reach $5,300 and Fall? 3 Possible Scenarios for BTC in Spring 2019

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

BTC/USD chart by TradingView
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 makes predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing, ATB Coin, and others, can be contacted at