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Bitcoin (BTC) Price Prediction — Has This Rally Already Faltered After Rejection at $9,500 Level?

Price Predictions
Sat, 02/01/2020 - 15:52
Denys Serhiichuk
Can Bitcoin (BTC) consolidate above $9,500?
Cover image via www.tradingview.com

After a slight pullback, Bitcoin and other coins have continued their ongoing growth. However, it doesn't apply to all cryptocurrencies. The biggest loser is Bitcoin SV (BSV) whose price has declined by 4.54 percent over the last 24 hours.

Top 10 coins by Coinstats

At the same time, this altcoin rally affected the market share of Bitcoin (BTC) that has dipped to 66 percent.

Bitcoin dominance rate

The relevant Bitcoin data is looking the following way.

  • Name: Bitcoin

  • Ticker: BTC

  • Market Cap: $170 251 323 987

  • Price: $9 357,60

  • Volume (24h): $27 844 319 563

  • Change (24h): 0.24%

The data is relevant at the press time.

BTC/USD: Is this the right time for the expected correction?

Even though buyers have regained their positions from the area around $9,200, our earlier price prediction remains relevant and bears might retest this zone shortly.

BTC/USD chart by TradingView

On the four-hour chart, Bitcoin (BTC) is getting weaker from a short-term perspective. The trading volume index is going down, confirming increasing selling pressure.

Bitcoin (BTC) Price Ends January with 'Epic' Monthly Candle, Strengthening Bull Narrative

Moreover, the last four-hour candle is expected to close without shadows, which means that the coin is likely going to range between $8,500-$9,000 as it is outlined on the chart.

BTC/USD chart by TradingView

The daily chart shows us a possible formation of the head-and-shoulders (H&S) pattern. In this case, the local bottom line is the area of $8,700 may be touched on Feb. 6. If buyers hold that level, the long-term trend is about to continue with the next target of $9,300 as mentioned on the chart.

Bitcoin is trading at $9,307 at press time.

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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