BTC/USD Price Prediction — ETF Is Refused: Where Will the Price Move Next?


BTC/USD Price Prediction — ETF Is Refused: Where Will the Price Move Next?

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.

Fortunately, the ETF refusal did not influence the rate of Bitcoin; moreover, its quotes have increased by more than 2% over the last 24 hours.

👉MUST READ

BREAKING: Craig Wright Copyrights Bitcoin White Paper

BREAKING: Craig Wright Copyrights Bitcoin White Paper

Since the beginning of May, the Bitcoin rate has risen by about 40%. However, its current value is still far from the record mark that the cryptocurrency reached in December 2017.

In terms of important fundamental factors, on May 20, 2020, the next Bitcoin halving (BTC) will occur, reducing the remuneration of miners by half. This process can have a significant impact on the price of the cryptocurrency.

Bitcoin price by the 210,000 block cycle by Bitcoin Charts

This will be the third halving on the Bitcoin blockchain: the first one took place in 2012, reducing the reward for each mined block from 50 to 25 BTC, while the second decreased the award to 12.5 BTC.

Number of installed Blockchain wallets by Blockchain.com

What is more, the number of blockchain wallets has increased by almost 35% (to 38 million units) since May 2018, despite the prolonged drop in the market. If the current dynamics continue, their number will approach the critical level of 50 million units by the end of the year, which will allow Bitcoin to rise in price to $10,000.

Regarding the technical part, the situation looks the following way.

BTC/USD chart by TradingView

Our BTC prediction made yesterday is coming true, as the quotes are looking upwards to the levels above $8,000. However, one should not wait for a quick bull run to $8,500, as there are no prerequisites for that. Neither MACD nor the RSI indicator show strength.

👉MUST READ

If Bitcoin Price Hits $8,300 Can It Repeat History and Reach $20,000 in the Next 13 Days?

If Bitcoin Price Hits $8,300 Can It Repeat History and Reach $20,000 in the Next 13 Days?

Taking it into consideration, BTC can touch the $8,200 mark, which is supposed to be the highest peak of the current week. A confirmation for that is the decreasing BTC market share, which has recently fallen by more than 4%.

The price of BTC is trading at $7,897 at the time of writing.

Cover image via 123rf.com
Only the most important posts per day. Infographics, analytics, reviews & summaries. Join our Telegram channel!

About the author

Being a passionate blockchain enthusiast Denys has a vast experience in сryptocurrency market analysis, as well as blockchain related projects. All this is backed up by his working at W12 platform, Platinum Listing & ICO Advisory company, Export.Online and many others.

👓 Recommended articles