- Bitcoin price prediction witnessing a downtrend , struggling to maintain $ 16000 mark
- Bitcoin price hits the $15,476 level.
- BTC holding likely to hit $19000 ALT by month-end
Bitcoin price prediction: current price overview
Bitcoin price chart started the day at $16,340.97 and faced quite a few dips going as low as $15,747.32 and finally stabilising at $16005.25. The cryptocurrency king is expected to move downwards and finding support at the $15500 mark, before ascending on higher marks. The cryptocurrency king is expected to see a multitude of trends given the effects of Biden’s presidency, the covid vaccine entry and the approaching Santa rally are yet to be known.
At the time of writing, the cryptocurrency king is trading hands at the $15,465.72 mark. While on the other hand, trading view technical signals consistently show weak buying momentum (17) and an even weaker selling momentum (4), while 7 remain neutral.
The moving averages signal towards a strong buying impetus, with the Exponential moving average valued at $15,971.10 inclined towards buying. The oscillators depict a weak buying approach with a relative strength index of 70.87, deeming neutral action.
Bitcoin price prediction: What to expect ?
Notable analyst at Trading view takes us through the journey of Bitcoin September 2020 onwards calling it a typical parabolic rise. Recognition of such patterns enables Bitcoiners to understand the bullish mode expected to appear when the parabola holds.
Chart below predicts the cryptocurrency king hitting an All Time High (ALT) of $19,000 by month end.
The parabolic tendency started with Bitcoin price hitting a temporary low at $ 10,000 after touching the $12,000 mark in early September. October 8th marked the next sensation on the parabola with a massive bullish approach and it is noteworthy that with every price dip, the low point is a bit higher than the previous one. Fast-forward 10 days, 19thOctober onwards the bullish impact continued to soar and within two days had made an enormous 10% jump up. The next clue was in the various trends in the early November charts. Struggling to ascend, the price maintains its bullish tendencies, touching $14000 mark thrice, meeting rejection every time. As soon as the price met the parabola, it started flight again. The analyst predicts the next touchpoint to be revealed in a few days which will see the price struggle at $16,000 mark for barely 1.5 days before the parabola is reached and expect a hike once again.
Following the same pattern, Trading-Guru believes the cryptocurrency king to hit the $19000 ALT by November end.An alternate perspective on this analysis is that the price may break through the parabola and swiftly nose dive on lower levels, on which the results do not look as pretty as described above. Baring this possibility in mind, the analyst recommends opening long position but taking profit before the ALT, due to the unpredictability around that level.
Famed analyst of trading view Marginbuu relates Bitcoin’s fall to the stabilization of alternate coins. Bitcoins drop sharply everytime the alternate coins make a comeback says Marginbuu. Chart above displays the cryptocurrency king finding support at the last resistance zone, further fall means retracing at $15500 mark.