Bitcoin price prediction: Bear mode on – hovering around the $16000 mark

• 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.