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Bitcoin price prediction: Bulls ready to pierce $11,000 to repeat 2017 bull run

Bitcoin price prediction Bulls ready to pierce to repeat bull run
  • Bitcoin price prediction is stuck in an incredibly tight range for the past few weeks
  • Bullish and bearish extremes of the range have been tested multiple times
  • Multiple trend catalysts indicate how current stagnation is overdue, and a breakout is imminent
  • Analysts expect a massive movement in the next few days, and whales sit on the sidelines
  • BTC on-chain fundamentals predict a revival of the 2017 bull run

Bitcoin price prediction – Current price overview

Bitcoin is trading near $10,878 and around the day’s high of $10,947. The trendline for Bitcoin is going strong and pointing towards an upside breakout. As BTC/USD trades near $10,900 level, the crucial triangle is broken on hourly charts. However, the price must close above $11,000 to indeed indicate an upside opening on the daily charts.

Previously, the price range between $11,050 and $11,300 acted as support. For Bitcoin price prediction to turn bullish, it must be taken out decisively by the bulls to turn it into support once again and continue the momentum forward.

A breakout above $11,300 would also boost confidence in altcoins and increase overall liquidity into the system. Currently, Bitcoin’s rise would certainly give the altcoins a much-needed boost and calm the DeFi market as well.

Bitcoin price movement in the past 4 hours – Tearing through resistance

Bitcoin price prediction: Bulls ready to pierce $11,000 to repeat 2017 bull run 1
Bitcoin price chart by TradingView

As the day comes to a close, Bitcoin price has jumped to land near the $11,000 resistance. Once again, bulls are on the verge of taking down a crucial resistance level in their quest to reach $12,000. Both the simple and exponential moving averages are rising to support the bullish move.

The Relative Strength Indicator is inching out of neutral territory to touch bullish levels. MACD is still in the neutral region and will be more credible once bulls take Bitcoin price above $11,000. A daily close above resistance would entice more bullish traders to the fold and create long-term positions, albeit with caution.

BTC/USD 4-hour chart – Bulls are on the verge of a breakout

The long bullish candle on the 4-hour chart shows that bulls had their say at the end of the day. The small piercing of the Bollinger Bands shows there are confidence and liquidity in bulls to take the move forward tomorrow. It seems that Bitcoin price prediction is approaching bullish confirmation.

If the current bullish move falters, profit booking can bring the price down towards $10,650. However, bulls will likely support the price above $10,500 as they have done successfully in the past few weeks. Even when the BitMEX saga stuck the market, bulls quickly brought the BTC price above $10,500. It has become a healthy support level now on the hourly charts.

Bitcoin price shows signs of an imminent upward breakout

The past four weeks have been stagnant for Bitcoin price prediction as the ‘Crypto King’ is going through a consolidation phase within an extremely tight range. However, the stagnant price movement has increased the trader’s anxiety as ‘BTC Whales’ look for signs to enter the market. On-chain metrics indicate that a huge breakout is imminent in the coming weeks.

Bitcoin is gearing up for the long haul as price gradually posts higher highs on the hourly charts. Ironically, Glassnode says that the number of Bitcoins has declined in the past few months. Crypto analysts are viewing this development as bullish Bitcoin price prediction since traders hold BTC from a long-term perspective, especially in the backdrop of US Presidential elections.

HODLers are emptying crypto exchanges in anticipation of a big move

When spot exchanges report a drop in the number of coins, it means that buyers are scooping coins to store them as safe-haven assets instead of trading. The current HODLing is one sign that the Bitcoin price is ready to take off.

An exodus of coins from crypto exchanges also stems from the recent BitMEX fiasco. As derivatives exchanges report fewer coins for trading, the liquidity will remain thin, which means that volatility can increase all of a sudden. Suddenly, Bitcoin price prediction is getting interesting.

Is current HODLing identical to the 2017 Bitcoin bull run

The trend of declining coins on spot exchanges began in early 2020 and has picked up pace in recent weeks. The current decline mimics the 2016’s Bitcoin accumulation that eventually pushed the prices much higher. The 2017 bull run was, in part, fueled by the BTC accumulation as traders HODL’ed and prices touched $20,089.

Today, Bitcoin has much more credibility compared to 2017. It has survived the COVID-19 storm and has become the favourite safe-haven asset of many large-scale institutions. A Bitcoin ETF will only make things even sweeter. Such on-chain indicators will show their cumulative effect soon and push the Bitcoin price prediction towards positive territory.

Bitcoin price prediction – Slump in DeFi will benefit Bitcoin

As investors slowly come to terms with DeFi realities, the euphoria is over. Tokenized Bitcoin has only increased BTC’s popularity making it even more integral to the crypto operations, whether it is DeFi or conventional trading. The growing clout of DeFi protocols will further help increase the liquidity of Bitcoin as an asset. Bitcoin price prediction will also become clear with more intuition from the DeFi.

Bitcoin price prediction: Bulls ready to pierce $11,000 to repeat 2017 bull run 2
Source – DeFiPulse

Even token prices continue to plummet; investors would prefer to earn interest from HODLing Bitcoin instead of selling the underlying asset. No wonder WBTC is becoming popular amongst DeFi investors. Dying DeFi protocols would be liquidated, and investors would prefer to take shelter under Bitcoin and participate in the next bull run.

For now, bulls need to close the day above $11,000 to infuse confidence into the trader’s mind. This will certainly attract BTC whales and large institutions (like Square) to put more liquidity into the market.

Disclaimer – The information provided is not a trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Gurpreet Thind

Gurpreet Thind

Gurpreet Thind is pursuing Masters in Electrical Engineering at University of Ottawa. His scholarly interests include IT, computer languages and cryptocurrencies. With a special interest in blockchain powered architectures, he seeks to explore the societal impact of digital currencies as finance of the future. He is passionate about learning new languages, cultures and social media.

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