TL;DR Breakdown
- Bitcoin price prediction expects a drop to $30000.
- Strong resistance is found at the $35200 mark.
- Strong support is currently found at the $32,400 mark.
The king of cryptocurrencies is continuing its downward descent. The king topped the day at $36,570 while the 24-hour low was $32,480. At the time of writing, the king stands at $33,340. Upcoming price action will be crucial as it will determine whether the king of cryptocurrencies can continue its bull run or not.
Out of the twenty-eight technical indicators, 11 are giving out a signal of buy, 10 are neutral and seven are giving a sell signal. Traders are currently in panic as sell indications are on a gradual increase in comparison to the past few days. Nine of the oscillators are neutral with one indication of buy and sell each. 10 of the moving averages are buy while six are sell and one is neutral.
Bitcoin price prediction: What to expect?
Analyst Trader PH has identified a possible head and shoulder formation in their Bitcoin price prediction. Bitcoin is yet to complete the formation as the left shoulder and head are complete, but price action must complete the right shoulder by going down to the neckline. If the head and shoulder formation is validated, then Bitcoin’s price will take a dive below $30,000.
However, that is only of the two likely scenarios. Per the analyst, Bitcoin is still facing major bullish pressures. So, a break out to the upside is as likely. In that case, Bitcoin’s dive was just a minor pullback, and it can be expected that Bitcoin will soon reach $41,000 again.
The SMA 75 – $37,250 is acting as a major resistance for the cryptocurrency and can possibly hinder any coin’s upside movement. Although the analyst states that the green ascending trend line is very strong, the bullish pressures on the cryptocurrency buy volume are dropping, which hints towards the traders’ indecisiveness. The RSI at oversold levels, and the analyst are expecting a break out from the symmetrical triangle formed by RSI. The analyst is hoping that RSI will be on an upward trend after the breakout.
Analyst Gold Bug has confirmed an upward trajectory of the cryptocurrency in the long run in their Bitcoin price prediction. Bitcoin can be seen to follow a broader ascending trend line. Bitcoin is also forming a coherent wave count on the broader trend line, having completed wave one to three. As per the analyst, Bitcoin has initiated the completion of wave four.
If it validates the wave count, then Bitcoin could soon attain the value of $60,000 at the peak of the fourth wave. Bitcoin can continue the wave count formation with pullbacks to the broader trend line. According to the analyst, the optimistic long-term target potential, as long as Bitcoin maintains its upward trajectory, first to $100,000 and then $250,000, which will be achieved in around five years.
Analyst Ichiban is hopeful for another bullish run in their Bitcoin price prediction. As per the analyst, after a sideways trend for a few days, it would move up to follow the black trend-line. After some resistance faced at the all-time high of $44,266, Bitcoin can rise around 26 percent to $61,000 by the end of the month.
