Bitcoin price hits $7900 range: BTC moves per prediction

Bitcoin BTC price dropped below the eight thousand dollars ($8,000) trading line despite existing stable for the past ten days. Bitcoin price is likely headed towards the psychological barrier of seventy-eight hundred dollars ($7800) as predicted by earlier.

People consider the market to be bearish if they meet Bitcoin trading below the moving average which is currently eight thousand eight hundred dollars ($8,800). For a while, Bitcoin has been trying to move above the moving average but was rendered incapable. Thus, BTC now trades about eleven percent (11%) below the moving average.

Even though the situation seems very unpredictable, BTC probably found sustenance in being at the top of the short term ascending line. It is expected that after one more week of down-surging according to Google Trends, Bitcoin will hopefully have an upstream movement.

Bitcoin price chart usd 16 october 2019 -Bitcoin price chart by Trading View

Bitcoin price movement: What to expect?

Although a lot of people anticipate Bitcoin price to fall as far down as to the seventy-two hundred dollars ($7200) mark, the majority have not predicted correctly before either.

Bitcoin may hit all-time-lows, which isn’t likely but not impossible as well. Either way, Bitcoin’s dominance index is sixty-six and a half percent (66.5%). The total market capped at two hundred and eight billion dollars ($208.74B) whereas he Bitcoin market capitalization stands a little below a hundred and forty-three and a half billion dollars ($143.443B) mark.

If the short-term activity of Bitcoin is brought under consideration, the lowest is at the ascending line for around seven thousand nine hundred and twenty dollars ($7,920).

Within the last week, Bitcoin has also touched seventy-eight hundred dollars ($7,800). Ever since 27th September 2019, Bitcoin has touched its lowest at seventy-seven hundred dollars ($7,700).

Further breakdown of BTC might take it down to the golden Fibonacci level of about sixty-two percent (62.9%) from 2017 costing seventy-two hundred dollars ($7,200).

bitcoin price chart - prediction - 16 october 2019Bitcoin price chart by Trading View

However, if Bitcoin price resists a downward surge, it might go above the fifty moving average and touch eighty-three hundred dollars ($8,300).

In addition to this, the last upsurge of BTC around eighty-eight hundred dollars ($8800) might be a surge of fake buyers. In essence, the BTC price requires a bullish trend to turn the market’s positive cheek. In reality, the last ten days have been bland and average.

However, the latest batch of Tether was minted only yesterday and it seems that the smaller whales moving around to keep the market afloat are now waiting for the lows to start buying at a lower rate.