- Bitcoin price prediction struggling with a static position and possible bearish tendencies
- Bitcoin price hits the $16000 terrain once again.
- BTC holding likely to hit $19000 ALT by month-end
Bitcoin price prediction: current price overview
Bitcoin price chart started the day at $16,101.31 and faced quite a few highs and lows, descending to $15,793.08 in the past 6 hours and finally ascending to the $16000 mark. The cryptocurrency king is expected to move downwards and stay above the $15800 level to steer clear from a continual bearish journey. The cryptocurrency king is expected to see many trends and reap a multitude of benefits given the weakened position of the dollar rate, followed by Biden’s US presidency.
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 (15) and an even weaker selling momentum (4), while 9 remain neutral.
The moving averages signal a strong buying impetus, with the Exponential moving average valued at $15,979.99 inclined towards buying. The oscillators depict a weak selling approach with a relative strength index of 70.86, encouraging selling action.
Bitcoin price prediction: What to expect ?
Pricing expert VincePrince discusses the weak volatility and bearish declines through the Bitcoin current formations in his 4-hour timeframe chart below. The trends and critical levels which the cryptocurrency king is witnessing, he discusses, are worthy of keen observations as a row back through such price-action is a rare case.
Bitcoin is seen forming an enormous rising wedge-like formation with the consistent wave-count confirmed. In past weeks, Bitcoin has been navigating the zone – reaching the upper and lower end of the formation. Notable here is the completion of waves A-D with wave D finding support along the lower zone. 30-EMA (in blue) is seen present in the same structure and holds significant value as a crucial determining element in the cryptocurrency king’s impending journey.
All eyes are currently on Wave E, the final wave to conclude the cogent wave-count as well as the wedge formation. It is said that Bitcoin has found support within this level. Wave E is expected to set another Bitcoin retreat in motion with its navigation into the upper limit’s sturdy resistance clump. It is at this point that several resistances merge.
The analyst predicts a bearish continuity through the channel once the wedge formation completes. Though the king is projected to descend to lower price points around the $14950 mark before embarking on a new trend, ascension or descension is currently unknown.
Another expert analyst, Marginbuu suspects many bullish viabilities in the Bitcoin channels as long as the king maintains a position above the $15800 level and predicts a stark rise to $18000 by next week. Rejecting the speculations around BTC losing its value and taking a massive dump of 30%-40%, the analyst believes it is being spread to accommodate alternate coins trade, deeming the cryptocurrency king still strong in the market.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.