- Bitcoin price prediction continues highly bullish trajectory as bulls beat $13,000
- Bullish price action demolishes major resistances turning them into support
- All hurdles now cleared to target an all-time high of $20,000
- Bitcoin price prediction now firmly entrenched in the bullish region as last ‘Hurrah Week’ begins
Bitcoin price prediction enters firm bullish phase with new annual highs
There’s no stopping the aggressive bullish Bitcoin price prediction as we enter the last week before the U.S. Presidential elections in early November. Bitcoin price posted a fresh new annual high of $13,760 after demolishing all the major resistances underneath. With $14,000 in the sight on hourly charts, it is time traders look at an all-time high of $20,000.
Bulls have maintained consistent buying action despite the technical indicators flashing overbought signals on the charts. The impressive strength of this rally can be attributed to both traders and institutional purchases. BTC whales are also now part of this rally as large addresses are beginning to emerge as participants in this bullish rally.
The past two weeks have seen BTC/USD take down major resistances in pursuit of higher prices. Today’s high of $13,760 reflects the strength of Bitcoin in the face of the dwindling traditional markets.
Bitcoin price movement in the last 4 hours – BTC/USD going strong as more resistances pile up
The bulls are slowly and steadily taking out all the significant resistances on the hourly charts. At the start of the day, Bitcoin struggled to take out $13,200 resistance, but the stretching Bollinger Bands provided the right opportunity to achieve higher prices. At the time of writing, the BTC/USD pair is trading near the annual high of the $13,720 mark.
In the last 4 hours, the price is stabilizing near the upper end of the Bollinger Bands at the $13,700 region. This suggests that the initial frenzy is not dead yet and buying activity is very much maintained even at higher levels. There can be profit booking at the end of the day, which has been the usual trend, but bulls have made sure that it does not intensify.
Short term traders may bring Bitcoin price prediction back to the $12,450 region. The ‘Relative Strength Index’ is currently in an overbought region despite the aggressive buying. Both the moving averages are on an upward slope. The 20-day exponential moving average stands near the $12,044 level. A little correction near this region will help cool down technical indicators, and bulls can once again start their journey towards $14,000.
BTC/USD 4-hour chart – Green candles perfectly line up to bring fresh highs
The 4-hour chart shows a perfect green setup that reflects the hard work of the bulls to bring the BTC/USD pair to fresh new highs. The 50-day simple moving average is looking up with a strong bias to support the bulls. Additionally, MACD is beginning to show signs of exhaustion on the hourly timeframe.
The weakening U.S. dollar is adding more fuel to the fire. Both gold and Bitcoin are doing relatively better compared to traditional stocks due to the decline in the dollar. The declining altcoins are adding more funds to the crypto king’s stable. The Bitcoin dominance is in play here as the crypto traders are moving their wealth into BTC before the next month’s Presidential election in the United States.
There is a possibility of a ‘double top’ pattern emerging on the 4-hour chart if there’s some selling at higher levels. The bullish flag pattern that can come under threat is selling intensifies further, which can bring the price back under the $12,750 support level. This level is crucial as bulls will accumulate here for the next jump higher to cross $14,000.
Technical indicators and fundamentals support the move towards $14,000
The RSI is printing a lower high, showing there’s some smoke left in the fire. Though overbought, the weakening uptrend may give one last upmove before stabilizing near lower support levels. Unless bulls can bring in considerable buying volume, bears will look to bring the price down quickly.
Traders expect resistance between $13,400 to $14,250, where bulls are likely to face significant hurdles. The larger weekly time frame that shows an upswing from the $11,600 region is still supporting the bullish Bitcoin price prediction move. The Fibonacci level for resistance shows there’s a crucial hurdle near the $14,250 level.
BTC/USD pair may face resistance here, but it will likely be a temporary stopover since the weakening U.S. dollar will fuel more bullish movement. The U.S. Dollar Currency Index (DXY) must maintain its support above the 92.50 region, or else safe-have assets will likely keep soaring.
Bitcoin price prediction – Last Hurrah week before election looks promising
As the world markets enter an important week prior to a globally charged political event, all eyes are on geopolitical developments. So far, bullish Bitcoin price prediction has maintained its lead over other altcoins by rising to fresh new annual highs. Also, it has once again displayed its safe-haven characteristics by rising amidst a dwindling stock market.
The crucial pivot for BTC is between the $13,000 to $13,200 region. In case it falters, the sharp move will be a deviation, and the price will move back to previous support at $12,750. Excessive selling can also bring $11,600 on the table.
As the political dust settles down, a little bearish movement can prove healthy for Bitcoin price prediction. The euphoria of today’s annual highs may not match the 2017 move, but the slow grinding of the price higher has all the crypto traders excited for bullish Bitcoin price prediction. The annual highs may dissuade many traders from taking long positions from a risk management perspective. However, institutional buying and BTC whales are sure to keep the momentum going.
Disclaimer: The information provided is not 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.