BTC/USD Price Prediction — Why Bulls Have Stopped at $8,000: Can We Expect New ATH This Week?


BTC/USD Price Prediction — Why Bulls Have Stopped at $8,000: Can We Expect New ATH This Week?

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.

Last week, Bitcoin managed to test the $7,500 level and returned to the $8,000 mark once again challenging skeptics and confirming the end of the bear season.

Tomorrow we have a significant event -  SEC will decide whether to accept Bitcoin ETF or not. If one recalls past rejections of applications, then at some point they stopped influencing the market, but approval will take BTC to $10,000.

It should be noted that this time, SEC did not reject both ETFs, but only from Bitwise; the Commission usually processes both ETFs simultaneously.

The total USD value of trading volume on major bitcoin exchanges by Blockchain.com

Now, let’s switch to the technical factors to forecast the rate in the near future.

BTC/USD chart by TradingView

May 20 passed sideways and drew something similar to an expanding Triangle pattern. There were several attempts to break up the level, but the price always returned to the side. In this regard, the expected Bitcoin ETF refusal and the decreasing trading volume should push the price down once again before reaching a new high at around $8,600.

BTC/USD chart by TradingView

Another scenario is seen on the 4-hour graph. The leading cryptocurrency keeps locating in the ascending channel, and the level of $8,600 is supposed to be achieved on May 24-25. Such a forecast is backed by the RSI indicator which is in the neutral zone, as well as the Fibonacci retracement.

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In terms of the global perspective, bears are not going to come back to the market within the next few years. At the moment, Bitcoin is in the expansion phase followed by the re-accumulation and bull cycles.

BTC/USD chart by TradingView

The price of BTC is trading at $7,750 at the time of writing.

Cover image via 123rf.com
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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.

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